Rupee drops by 18 paise to 75.78 against U.S. dollar on forex outflows
The Hindu
The local unit declined for a third straight week with a weekly loss of 66 paise
The rupee dropped by 18 paise to an over 16-month low of 75.78 on Friday amid consistent foreign fund outflows and growing concerns about inflation.
At the interbank foreign exchange market, the rupee opened lower at 75.65 a dollar and later tanked to the day's low of 75.85 in line with a lacklustre trend in equity markets.
The local unit pared some of the losses in the closing session to end at 75.78 (provisional), its lowest closing level since June 22, 2020.
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