Monday, February 6, 2023
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Rupee falls to 81.75 against dollar, loss on stop losses and dollar outflows

The rupee was down 0.5% to the dollar and has been an underperformer among Asian peers. The offshore Chinese yuan was up 0.9%, leading Asian currencies higher.

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Mumbai: The Indian rupee extended losses against the U.S. currency on Monday on likely stop losses and dollar outflows, traders said.

The rupee was down 0.5% to the dollar at 81.7500, a rank underperformer among Asian peers. The offshore Chinese yuan was up 0.9%, leading Asian currencies higher.

The inability of the pair (USD/INR) to move below 81 last week in the face of positive news is probably leading to interbank reconsidering short rupee positions, a trader said.

There is talk of an MSCI rebalancing-related dollar outflow but we have doubts on how likely that is, another trader said.

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