Mumbai, India (BBN)-The Indian rupee declined in the early trade on Monday. It has opened lower by 20 paise at 63.84 per dollar versus Friday’s closing of 63.64.
According to Agam Gupta of Standard Chartered, the range for USD-INR should be Rs 63.60-64/dollar as we expect strong USD demand to emerge on any dips, reports Money Control.
Upticks towards 64 should see USD selling interest from exporters. The market will remain choppy as headlines from Europe keep emerging during the day.”
Euro plunged to a 1-month low after Greece failed to strike a deal with its international lenders. Euro traded below 1.10 to the dollar.
A failure by Greece to repay a 1.6 billion-euro debt owed to the IMF by Tuesday could lead to its exit from the euro zone, which many investors fear may weaken the entire currency block.