Rupee drops 6 paise to end at 71.38 vs Dollar

Mumbai: The rupee pared early sharp losses to settle 6 paise down at 71.38 against the US dollar on Monday, tracking recovery in domestic equities and easing crude oil prices.

The rupee remained under pressure due to concerns over fiscal slippage and rising coronavirus outbreak fears, forex traders said.

The next trigger for the currency will be the Reserve Bank of India's monetary policy meeting, as its commentary on inflation as well as growth forecast would be keenly watched.

At the interbank foreign exchange market, the local currency opened at 71.62 and fell further to touch a low of 71.66. Mirroring the recovery in equities, the local unit cut losses to touch a high of 71.32.

The unit finally settled at 71.38, down by 6 paise over the previous close. The rupee had settled at 71.32 against the American currency on Friday.