Rupee Closes Below 74-Mark Against Dollar For First Time Ever: 10 Points

Rupee Closes Below 74-Mark Against Dollar For First Time Ever: 10 Points

INR Vs USD Currency Exchange Rate: Analysts say that RBI’s surprise move spooked the forex markets

Extending its weakness against the dollar to a fifth consecutive session, the rupee declined 30 paise to close at a record low of 74.06 against the greenback on Monday. The rupee had closed at 73.76 a dollar in the previous session. The rupee fell further after last week’s move by the Reserve Bank of India (RBI) to keep the key interest rates on hold, while changing its stance to ‘calibrated tightening from ‘neutral’ – meaning a rate cut is off the table for now.

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