Summary:
Mumbai, Jan 24 (PTI) The rupee on Monday slumped by 17 paise to close at a more than three-week low of 74.60 against the US dollar due to high crude oil prices, forex outflows and heavy losses in domestic equities amid growing geopolitical worries.
Forex traders said the strength of the American currency in the overseas market and weak appetite for riskier assets also dragged down the local unit.
Moreover, market participants are now eyeing the US Fed"s January 25-26 meeting for further cues.
"The Indian rupee has weakened amid the big crack witnessed in domestic equities in tandem with other Asian markets.
The sentiments are quite fragile in the markets amid the geopolitical tensions in Eastern Europe and as investors are fretting over the possibility of a quicker pace of interest rate hikes in the US," Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd.
Riskier assets have come under pressure amid the prospects of a Russian invasion of Ukraine.