Chennai, July 20 (UNI) The week opened for the Indian rupee on a weak note against the US dollar with the latter hardening against it.The rupee hit Rs 79.99 during the intra-day trade and closed at Rs 79.97 against the dollar.
“USD-INR spot closed 9 paise higher 79.97, a whisker away from all-time high near 79.99. Today rupee brushed aside all positive cues by way of strong equities and a weaker dollar indexes. Strong demand for oil marketing companies kept the pressure on. Over the near term, bias continues to be upward. We expect the pair to trade within a range of 79.60 and 80.30 on spot,” Anindya Banerjee, Vice President, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd, said.
