The Indian rupee was trading lower against the U.S. currency on Monday, unable to hold on to its advance at the open, as importers and speculators scooped up dollars.
The rupee was at 81.0825 to the dollar by 0506 GMT, down from 80.7950 in the previous session. The local unit had opened at 80.52.
The rupee's slip comes after it climbed about 2% last week, helped by the soft U.S. inflation data. The rally had pushed the rupee into near over-bought territory, according to one widely followed technical indicator. Meanwhile, Asian shares and currencies were mixed to begin the week as traders looked to gauge the impact of last week's U.S. inflation print. The odds of a 75-basis points rate hike by the U.S. Federal Reserve next month have fallen.
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