Rupee slides 32 paise to over 2-month low on strong dollar

Mumbai: The rupee depreciated 32 paise to close at more than two-month low of 74.42 against the US dollar on Monday tracking strong American currency amid global risk aversion.
The local unit opened at 74.40 at the interbank forex market and lost further ground to touch a low of 74.45 in day trade.
Continuing its falling streak for the third straight session, the rupee closed down by 32 paise at 74.42 against the greenback. The rupee had closed at 74.10 on Thursday. Forex market was closed on Friday on account of Id-E-Milad.
Uncertainty ahead of US presidential election weighed on investor sentiment, traders said.
“ In the next few sessions market participants will be keeping an eye on the US election results and that could trigger volatility for major crosses including the rupee. We expect the rupee to quote with a negative bias and quote in the range of 74.25 and 74.80 ,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.23 per cent to 94.25.