Indian Rupee Pares All Gains; Weakens 26 Paise Against The U.S. Dollar
At close, the local currency weakened by 26 paise to 81.39.
The Indian rupee weakened after strengthening above 81 against the U.S. dollar.
The local currency strengthened by 19 paise to 80.97 at the open on Monday. It appreciated past 81 for the first time since Dec. 1.
The currency appreciated as much as 0.3% to 80.88 in early trade.
However, during the day, it pared all gains to weaken as much as 36 paise to 81.49.
At close, the local currency weakened by 26 paise to 81.39.
"The U.S. dollar index failed to recover from its seven-month low and closed below the 102 mark, as a weaker set of economic numbers triggered fears of a recession in the U.S. economy. Further, weakness in U.S. existing home sales, which marked an 11th straight month of decline, added downward pressure on the dollar," ICICI Direct said, in a daily currency strategy note.