Indian Rupee Depreciates Against U.S. Dollar

The Indian rupee depreciated against the U.S. dollar.

The Indian rupee depreciated after opening firm against the U.S. dollar on Monday. The local currency opened 9 paise stronger at 81.23 compared with Friday's close of 81.32.

However, the rupee erased all its opening gains and depreciated 47 paise against the U.S. dollar to close at 81.79.

Compared to the rupee, the Chinese renminbi was up 1.39% to the dollar, followed by the South Korean won, which was up by 0.60%, while the Japanese yen was down 0.89% to the dollar, according to Bloomberg data

"The local unit was unable to sustain its positive opening, as investors remained cautious ahead of the nonfarm payroll data. Meanwhile, forward premiums fell to fresh multi-year lows, with the one-year yield falling to near 1.90%," according to a Reliance Securities report.