The rupee opened weaker against the dollar this Friday tracking the overnight strength of the greenback, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Rupee Vs Dollar: Like other markets, the money market too works on the basis of demand and supply; thereby, if the demand for the dollar gets high, the rupee depreciates and that is the basic working methodology of the floating exchange rate.
At the interbank foreign exchange market, the rupee opened lower at 77.72 against the greenback and finally settled for the day at 77.72, down 10 paise over its previous close.
The value of the rupee depreciated mainly due to persistent foreign fund outflows and elevated global crude oil prices.
Khan claimed that he was close to the decision-makers in 2001 when the then military ruler, Gen Pervez Musharraf, decided to become part of the 'war on terror'.
At the interbank foreign exchange, the rupee opened weak at 75.06 and lost further ground to quote 75.07 against the American dollar.
The rupee appreciated by 7 paise to 73.73 against the US dollar in the opening session on Monday on sustained foreign fund inflows and positive domestic equities.
The rupee dived 32 paise to touch a near one-month low of 73.89 against the US dollar on Thursday, following massive sell-offs in equities and concerns over continuous surge in COVID-19 cases.
The rupee ended almost flat at 74.93 (provisional) against the US dollar on Friday due to a caution prevailing in the forex market in view of mounting coronavirus cases and US-China trade tensions.
The Indian rupee on Monday slid 20 paise to close at 75.01 to the US dollar, weighed down by lackluster equities and concerns over a continuous surge in COVID-19 cases in the country.
The rupee pared some of its early gains to settle marginally up by 3 paise at 74.99 against the US dollar on Thursday tracking weakness in the greenback and gains in the domestic equity market.
The Rupee skidded 9 paise to close at 75.02 against the US dollar on Wednesday amid rising crude oil prices and a firm greenback. While foreign fund inflows supported the rupee, factors like a strong dollar, volatile domestic equities and rising COVID-19 cases dragged the local unit down, forex traders said.
The rupee pared initial gains to close flat at 75.65 against the US dollar on Friday as concerns about rising COVID-19 cases weighed on investor sentiment.
The Indian rupee on Tuesday gave up all its intra-day gains to close 6 paise lower at 75.61 against the US dollar in line with weaker sentiment in financial markets triggered by steeply rising coronavirus cases in the country.
The Indian rupee on Monday settled with a marginal 3 paise rise at 75.55 against the US dollar as sustained foreign fund inflows offset impact of rising crude oil prices on investor sentiment.
The rupee on Thursday declined by 5 paise to settle at 75.76 against the US currency as escalating tension between the US and China boosted the demand for the dollar.
The rupee appreciated by 25 paise to settle at 75.66 against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trials boosted investor sentiment world over.
Domestic bourses were trading on a positive note with benchmark indices Sensex trading 112.14 points higher at 30,748.85 and Nifty up by 11.50 points at 8,992.95. Brent crude futures, the global oil benchmark, fell 12.73 per cent to USD 16.87 per barrel.
The Indian rupee appreciated by 23 paise to 76.11 against the US dollar in early trade on Thursday tracking positive opening in domestic equities. Forex traders said higher opening in domestic equities supported the local unit, while concerns over coronavirus outbreak weighed on the local unit.
The rupee pared its initial gains to settle marginally higher at 74.24 against the US dollar on Tuesday amid continued meltdown in equity markets and sustained foreign fund outflows. Forex traders said the Indian rupee which started the day on a positive note, witnessed heavy volatility amid fears that the rate cut by the Reserve Bank would not be sufficient to boost market sentiments.
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