<p>The rupee depreciated 30 paise to 74.40 against the US dollar in opening trade on Monday tracking muted domestic equities and strong American currency amid global risk aversion.</p>.<p>The local unit opened at 74.40 at the interbank forex market, down 30 paise over its last close.</p>.<p>On Thursday, the rupee had declined further by 23 paise to close at a two-month low of 74.10 against the US currency.</p>.<p>Forex market was closed on Friday on account of Id-E-Milad.</p>.<p>Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.</p>.<p>"We may continue to see bids in USD/INR on account of overall global risk aversion. 74.95 is an extremely crucial resistance. 73.65 is now likely to act as a support. We expect an intraday range of 74.25-74.65," said Abhishek Goenka, Founder and CEO, IFA Global.</p>.<p>Goenka further added that "we have the US presidential election on November 3rd (Tuesday), Reserve Bank of Australia rate decision on Tuesday, Bank of England on Thursday…”</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 94.15.</p>.<p>On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 129.29 points lower at 39,484.78 and the broader NSE Nifty fell 40.45 points to 11,601.95.</p>.<p>Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 870.88 crore on a net basis on Friday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, fell 3.22 per cent to $36.72 per barrel. </p>
<p>The rupee depreciated 30 paise to 74.40 against the US dollar in opening trade on Monday tracking muted domestic equities and strong American currency amid global risk aversion.</p>.<p>The local unit opened at 74.40 at the interbank forex market, down 30 paise over its last close.</p>.<p>On Thursday, the rupee had declined further by 23 paise to close at a two-month low of 74.10 against the US currency.</p>.<p>Forex market was closed on Friday on account of Id-E-Milad.</p>.<p>Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.</p>.<p>"We may continue to see bids in USD/INR on account of overall global risk aversion. 74.95 is an extremely crucial resistance. 73.65 is now likely to act as a support. We expect an intraday range of 74.25-74.65," said Abhishek Goenka, Founder and CEO, IFA Global.</p>.<p>Goenka further added that "we have the US presidential election on November 3rd (Tuesday), Reserve Bank of Australia rate decision on Tuesday, Bank of England on Thursday…”</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 94.15.</p>.<p>On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 129.29 points lower at 39,484.78 and the broader NSE Nifty fell 40.45 points to 11,601.95.</p>.<p>Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 870.88 crore on a net basis on Friday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, fell 3.22 per cent to $36.72 per barrel. </p>