Rupee Does a U-Turn To End Over 0.4% Weaker At 76.61; Paring Earlier Gains
NDTV
The rupee does a U-turn to end over 0.4% weaker At 76.61, after advancing a touch over 0.2 per cent to 76.27 in the opening trade on Friday.
The rupee gave up its gains from earlier in the session to reverse and close over 0.4% weaker, at 76.61 on Friday, driven broadly by a leg up in the dollar on expectations of aggressive Fed rate hikes after a spike in the US inflation to its fastest in 40 years.
Against the greenback, the rupee pares initial gains and settles 18 paise lower at 76.61 on Friday after the Indian currency had appreciated by 19 paise to close at 76.43 per dollar, according to PTI.
"The rupee snapped gains on dollar demand from oil importers and state-run power companies. The dollar strengthening against major currencies following stronger US economic data also weighed," Dilip Parmar, Research Analyst at HDFC Securities, told PTI.
Mr Parmar further added that risk appetite remained shaky with trading conditions still choppy and volatile; the focus will remain on geopolitical news and crude oil prices.
