Rupee settles 70 paise lower at 75.59 against US dollar

Mumbai: Indian rupee weakened today against the US dollar, tracking a selloff in domestic equity markets.

A broadly stronger US dollar also weighed on the rupee. After opening at 74.85, the fell to 75.59 at day's low against the USD.

In comparison, the rupee had closed at 74.85 in the previous session.

In today's session, rupee traded in the range of 75.10 to 75.59. The total coronavirus cases in the country has crossed 1,070, according to the latest data released by the government.

The Indian rupee was trading 70 paise down at 75.59 against the United States dollar at 4.15 pm

Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

According to Reliance Securities, rupee could track weak regional equities which resumed their fall this Monday morning after the number of coronavirus infections surged around the world.

"However, we believe that RBI could be present to intervene to curb excess volatility. Technically, USDINR spot is expected to remain in the range of 74.70-75.70 levels," it noted.

The number of deaths around the world linked to the new coronavirus has touched nearly 34,000. In India, the tally of confirmed coronavirus cases crossed the 1,000-mark.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.34 per cent to 98.69.

The 10-year government bond yield was at 6.12 per cent in morning trade.