Rupee slips 11 paise to close at 76.55 against U.S. dollar

The rupee declined by 11 paise to close at 76.55 (provisional) against the U.S. dollar on Monday amid moderating crude oil prices and foreign fund outflows.

High inflation also affected market sentiment, Forex dealers said.

However, a rally in the equity markets restricted the rupee’s fall, they added.

At the interbank foreign exchange market, the rupee opened at 76.63 against the American dollar. It regained some lost ground during the session but remained in the negative territory as investors turned towards safe-haven assets.

During the day, it swung between a high of 76.52 and a low of 76.69.

The local unit finally settled at 76.55 against the dollar, down 11 paise from the previous close.

Uncertainty over the war in Ukraine and persistently high inflation kept investors away from riskier assets, traders said.