The Indian rupee continue its downtrend as it slipped below 73 mark on Monday on foreign fund outflows. It is trading lower by 64 paise at 73.08 per dollar versus Friday’s close 72.44.
On Friday, rupee surged following broad weakness in the dollar and sharp fall in global crude oil prices. Crude fell to the lowest level since April, due to growing concerns that global demand is weakening at a time when output from the world’s major oil producers is surging. Oil has also been under pressure on growing concern over a possible slowdown in global growth as the US-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular, said Motilal Oswal.
The US Energy Department said overall US crude output hit a record 11.35 million barrels per day in August, and it is expected to keep growing. Today, USD-INR pair is expected to quote in the range of 73.05 and 73.60, it added.