Image used for representation purpose. File photo
| Photo Credit:
V. Sudershan
At the interbank forex market, the rupee opened at 73.62 and hit an intra-day high of 73.50 and a low of 73.76 The rupee gained for the second straight day and closed 27 paise higher at 73.51 (provisional) against the U.S. dollar on Friday, supported by positive domestic equities and weak American currency. At the interbank forex market, the rupee opened at 73.62 and hit an intra-day high of 73.50 and a low of 73.76. The local unit finally settled at 73.51, registering a gain of 27 paise over its previous close. On Thursday, the rupee had settled at 73.78 against the American currency.
Indian Rupee Hits 8-Month Low Published April 13th, 2021 - 09:00 GMT
In 2020, the rupee declined more than 3.0 per cent against the US currency amid the RBI’s dollar purchases. (Shutterstock)
Highlights
Rising crude oil prices and foreign fund outflows also weighed on Asia’s worst-performing currency
The Indian rupee fell for the sixth straight session on Monday and settled 32 paise down Monday, breaching the 75 per dollar level or 20.45 against the dirham for the first time in eight months, boding well for non-resident Indian remitters.
The rupee’s drastic fall amid a rapid increase in coronavirus cases, was triggered by, among other factors, concerns of excess liquidity in the wake of Reserve Bank of India’s dramatic quantitative easing move last week.
MUMBAI: The rupee fell for the sixth straight session and settled 32 paise down at 75.05 (provisional) against the US dollar on Monday amid a lacklustre trend in the domestic equities ahead of the release of key macro-economic data. Moreover, rising crude oil prices, foreign fund outflows and spiking Covid-19 cases weighed on the domestic currency. At the interbank forex market, the local unit opened at 74.97 against the greenback and traded in the range of 74.78 to 75.14 during the day. The rupee finally ended at 75.05 against the American currency, registering a fall of 32 paise over its previous close. On Friday, the rupee had settled at 74.73 a dollar.