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Rupee Vs Dollar Rate: The rupee weakened by 22 paise - or 0.30 per cent - to end at 73.62 against the US dollar on Monday, as analysts awaited official data on the country's GDP to assess the damage caused by the coronavirus pandemic.
After starting the day mildly stronger at 73.23 compared to its previous close of 73.40, the rupee reversed direction and traded within a range of 73.23-73.69 during the four-hour session.Currently, the rupee has taken its recovery from an all-time low of 76.91, registered in April, to 4.28 per cent.
However, it is still down 3.17 per cent against the dollar so far this year. "The ongoing border tensions between India and China have escalated and USDINR spot has observed strong buying pressure," said Rahul Gupta, Head of Research - Currency at Emkay Global Financial Services."All this while the risk sentiment was upbeat, however, going ahead geopolitical tensions will keep any fall in USD-INR spot under check.
The 74 level is a crucial resistance and consistent trading above that will trigger an upside move, while 73 will act as a strong support," he added.Official data on India's GDP for the April-June period will be released at 5:30 pm.According to a poll by news agency Reuters, India's economy contracted 20 per cent in the first quarter of current financial year - its worst performance in decades.
