Tracking heavy losses in the domestic equity market, on Monday, the rupee depreciated 12 paise to close at Rs 68.92 against the dollar. This was also made due to the spike in crude oil prices following Iran’s seizure of a British tanker.
Stronger dollar against major currencies overseas also weighed on the rupee sentiment, as per the forex traders. Besides, following RBI Governor Shaktikanta Das’ statement, market participants are not very hopeful about large scale easing by the Reserve Bank of India where he said that the change in the monetary policy phase effectively equates to an additional 25 basis points rate cut, traders said.
The domestic currency opened lower at 68.95 per dollar at the interbank foreign exchange market and further lost to touch the day’s low of 69.06, down 12 paise over its previous close.