USD/INR: Rupee Extends Losses, Slips 24 Paise

USD/INR: Rupee Extends Losses, Slips 24 Paise

The Indian rupee depreciated by nearly 24 paise against the U.S. dollar on Monday as the strong greenback and high oil prices continued to put pressure on the battered Asian currency.

The USD/INR rose to an intraday high of 74.326 against the U.S. currency – the highest since April 28 – up from Friday's close of 74.1. The rupee has lost over 180 paise so far this month and weakened more than 100 paise in the last six trading sessions.

“…We believe the depreciation may continue in the short term and the US$INR pair should move higher towards 74.50 level,” noted research analyst at ICICI Direct.