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    Rupee edges lower towards 80 mark against dollar

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    Rupee edges lower towards 80 mark against dollar

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    The rupee edged lower to 79.83 against the US dollar on Monday amid strength in the greenback overseas.

    The rupee fell by five paise to 79.83 against the US dollar on Monday as losses in Asian equities and expectation of rise in policy rate by Federal Reserve supported the greenback overseas. However, a sharp fall in global crude oil prices lent some support to the currency, keeping the losses in check.
    "India's CAD (current account deficit) is tracking 4 percent of the GDP, historically a wide number. If left unchecked, this should reflect on the price of the rupee. But things are not left unchecked, and RBI has been managing the rupee," Arindam Sandilya of JP Morgan said in an interview with Reuters.
    The dollar index — which measures the US dollar against a basket of currencies — remained flat.
    Crude oil prices fell amid fears of week demand on account of slowing economic growth.
    Brent crude futures slumped 1.4 percent to $95.4 a barrel and West Texas Intermediate (WTI) futures 0.3 percent to $89.2 a barrel.
    The rupee is likely to move within a range of 79.75-80.10 with a negative bias in the near term, said Abhishek Goenka, Founder and CEO, IFA GLobal.
    "The key event this week would be the Jackson Hole symposium," Goenka said.
    Indian equity benchmarks opened in the red mirroring largely negative moves across global markets.
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