Rupee inches 1 paisa higher to close at 77.49 against U.S. dollar
The Hindu
On a weekly basis, the rupee has depreciated 57 paise on the back of a stronger dollar index, risk-off sentiment and foreign fund outflows.
The rupee pared its initial gains and settled just 1 paisa higher at 77.49 (provisional) against U.S. dollar on Friday, as inflation concerns and strength of the American currency weighed on the local unit.
Forex traders said the rupee consolidated in a narrow range, as the weakness in regional currencies and depressing economic data weighed on the domestic unit, while intervention from the Reserve Bank of India (RBI) restricted the losses.
At the interbank forex market, the rupee opened at 77.35 against the greenback and moved in a range of 77.26 to 77.49 in the day's trade.
The rupee finally ended at 77.49, higher by just 1 paisa over its previous close.
On Thursday, the rupee plunged 25 paise to close at its lifetime low of 77.50 against the U.S. currency.
On a weekly basis, the rupee has depreciated 57 paise on the back of a stronger dollar index, risk-off sentiment and foreign fund outflows.
"Among all the drivers, the liquidity factor is inevitably a key driver of recent market moves and market participants are rushing for safe-haven assets," Dilip Parmar, Research Analyst, HDFC Securities, said.
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