The US dollar index was trading up 0.02 percent at 94.05.

The Indian rupee lost five paise to 74.17 against the US dollar (20.20 against the UAE dirham) when trade opened on Monday, in line with its Asian peers amid a strengthening currency American in the overseas market.

In the Indian interbank foreign exchange market, the rupee opened at 74.16 against the dollar, then fell further to 74.17, recording a decline of five paises from its previous close.

The US dollar index, which measures the strength of the greenback against a basket of six currencies, was trading up 0.02% to 94.05.

On the Indian stock market front, the BSE Sensex traded 621.28 points or 1.06% higher at 59,386.86, while the broader NSE Nifty index rose 185.80 points or 1.06% at 17,717.85.

The Indian rupee opened weaker on Monday morning against the dollar, following losses in Asian and emerging market currencies following renewed concerns over the debt problems of the China Evergrande group, said Sriram Iyer, senior research analyst at Reliance Securities.

This week, the focus will be on developments at Evergrande and the Reserve Bank of India (RBI) monetary policy meeting and the monthly US employment report, he said. .

The Reserve Bank of India’s monetary policy committee is expected to keep the policy rate unchanged, but could mark the start of the unwinding of its accommodative monetary policies, Iyer added.

(with PTI entries)

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