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The Indian rupee opened higher by 3 paise at 68.73 per dollar versus previous close 68.76. The rupee slide has been halted by aggressive RBI selling. Expect the USD-INR to be under pressure and trade in the 68.50-69.50/dollar range in the near term." The Indian rupee closed at a fresh 39-month low against the US dollar. The fall comes as foreign institutional investors have sold over 5 billion dollars worth of Indian equities ever since the government announced the demonetization drive.
The dollar edged down against a basket of major currencies on Monday, surrendering some gains after a sharp rally that followed Donald Trump's surprise victory in the US Presidential election. The dollar had surged more than 4 percent against a basket of currencies in the wake of the election earlier this month - but has now retreated from its 14-year high.