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Forex traders said weak Asian currencies and strengthening of the greenback in the overseas market were the other factors that dragged down the local unit. The Indian rupee slipped 14 paise to 73.21 against the U.S. dollar in early trade on Monday, as rising crude oil prices and weak domestic equities weighed on investor sentiments.
Forex traders said weak Asian currencies and strengthening of the greenback in the overseas market were the other factors that dragged down the local unit.
At the interbank foreign exchange, the domestic unit opened at 73.21 against the dollar, registering a decline of 14 paise over its previous close.
The rupee recouped by 6 paise to 63.45 against the US dollar in early trade on Tuesday on fresh selling of the American currency by exporters and banks amid early gains in stocks.
KARACHI: The rupee is expected to remain stable against the dollar next week with the hard currency supplies from remittances and export proceeds matching the demand, traders said on Saturday.The.
Rupee gains
KARACHI: The rupee slightly strengthened on Friday because of easing import payment pressure, dealers said.
The rupee closed at 155.74 against the dollar, up 0.12 percent from the previous closing of 155.92 in the interbank market.
In the open market, the rupee ended at 156 against the greenback. It finished at 156.10 on Thursday.
Dealers said the local unit gained ground after posting losses due to subdued demand for the US currency from importers.
“There were no big payments today. Improvement in supplies amid good foreign currency inflows also supported the local unit,” a foreign exchange dealer.
The market will look for the economic policies and measures to be announced in the FY2022 budget, dealers said. The market expects the government to deliver a pro-growth budget.