Rupee Slips Below 76 After Opening Weak

Rupee on Monday (June 15, 2020) opened higher at 75.92 versus its previous close of 75.84 per US dollar. And continuing with earlier weakness, rupee slid again to 76.09 per dollar.

Rupee on Friday slid past 76 mark as risk off sentiment took over amid second wave of coronavirus infection in economies including US, China. Strength in the dollar against a basket of emerging currencies also weighed on the dollar.

In the bond market, the yield on 10-year government bond opened at 5.77% versus its previous closing of 5.78%.

Oil prices on Monday cracked over 2% after fresh wave of coronavirus infection raised fear of demand recovery. Brent crude futures fell 89 cents, or 2.3%, to $37.84 a barrel by 0302 GMT, while U.S. West Texas Intermediate crude futures were down $1.18, or 3.3%, to $35.08 a barrel.

Meanwhile, Indian benchmark on weak Asian markets traded lower with Nifty at 9873 points.

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