The rupee opened on a flat note and was trading in a narrow range against the US dollar in opening session on Monday as rising Covid-19 cases offset positive sentiments surrounding the progress on the vaccine front.
At the interbank forex market, the domestic unit opened at 74.12 against the US dollar. In early trade, the local unit also touched 74.17 against the American currency, report agencies.On Friday, the local unit had settled at 74.16 against the greenback.
“The overall sentiment prevailing globally can be best described as one of cautious optimism. With a couple of vaccines having been proven effective in trials, the question now is how much the situation gets worse before it becomes better and how much more damage is inflicted upon the economy until then.