After a gap down opening the Indian rupee slipped further as it is trading lower by 40 paise at 72.89 per dollar. It has opened lower by 23 paise at 72.72 per dollar versus Friday’s close 72.49.
Rupee consolidated in a narrow range for the whole week ahead of the important events that were lined up from the US. Starting with the US midterm elections, wherein there were no major fireworks and ahead of the FOMC policy statement that was released later last week. The dollar slid against its major crosses after the US Midterm elections verdict delivered a split Congress, said Motilal Oswal.