<p>The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency.</p>.<p>Forex traders said concerns over rising Covid-19 cases and foreign fund outflows also weighed on investors' sentiment.</p>.<p>At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close.</p>.<p>On Friday, rupee had closed at 74.09 against the US dollar.</p>.<p>Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global.</p>.<p>Goenka further said that "it is likely to trade a 74.15-74.45 range intraday with an upside bias".</p>.<p>The major trigger point for the markets could be the CPI and IIP numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week.</p>.<p>The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/business-news/sensex-tanks-over-600-points-in-early-trade-nifty-drops-below-14500-981824.html" target="_blank">Sensex tanks over 600 points in early trade; Nifty drops below 14,500</a></strong></p>.<p>The daily Covid-19 cases in India showed a slight dip with 3,68,147 new coronavirus infections being reported in a day, taking the total tally of cases to 1,99,25,604, according to the Union Health Ministry data updated on Monday.</p>.<p>Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 3,465.07 crore on Friday, as per provisional data.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.06 per cent at 91.33.</p>.<p>Brent crude futures, the global oil benchmark, was down by 0.45 per cent to $66.46 per barrel.</p>
<p>The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency.</p>.<p>Forex traders said concerns over rising Covid-19 cases and foreign fund outflows also weighed on investors' sentiment.</p>.<p>At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close.</p>.<p>On Friday, rupee had closed at 74.09 against the US dollar.</p>.<p>Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global.</p>.<p>Goenka further said that "it is likely to trade a 74.15-74.45 range intraday with an upside bias".</p>.<p>The major trigger point for the markets could be the CPI and IIP numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week.</p>.<p>The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/business-news/sensex-tanks-over-600-points-in-early-trade-nifty-drops-below-14500-981824.html" target="_blank">Sensex tanks over 600 points in early trade; Nifty drops below 14,500</a></strong></p>.<p>The daily Covid-19 cases in India showed a slight dip with 3,68,147 new coronavirus infections being reported in a day, taking the total tally of cases to 1,99,25,604, according to the Union Health Ministry data updated on Monday.</p>.<p>Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 3,465.07 crore on Friday, as per provisional data.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.06 per cent at 91.33.</p>.<p>Brent crude futures, the global oil benchmark, was down by 0.45 per cent to $66.46 per barrel.</p>