Rupee drops by 7 closes unchanged at 95.96 against US dollar
Positive momentum in domestic equity markets and forex inflows, however, capped losses in the Indian currency
The Indian rupee slipped by 7 paise to 95.96 per US dollar on Friday, according to wire material. The depreciation occurred as the US dollar strengthened and crude oil prices remained high. Positive domestic equity markets and foreign currency inflows helped offset the decline. The rupee opened at 95.75 and reached a high of 95.71 intra-day, before falling to the day's low of 95.96.
Earlier, it had ended 2 paise higher at 95.89 on Thursday, following a 150-paise decline over the past week. Research analyst Anuj Choudhary stated that the rupee traded within a range after opening higher due to strong domestic markets and a temporary dip in crude oil prices. However, it lost initial gains when the dollar showed resilience.
Forex traders may monitor industrial production data from the US, as the USD-INR spot price is expected to hover between ₹95.65 and ₹96.15. The dollar index, which measures the greenback's strength against six currencies, was up 0.24 percent at 100.39. Meanwhile, Brent crude oil, the global benchmark, saw a slight drop of 0.19 percent to $104.60 per barrel.
In the domestic equity markets, the Sensex lost 19.63 points, or 0.03 percent, to 74,294.96, while the Nifty rose by 75.80 points, or 0.33 percent, to 23,346.40. Foreign Institutional Investors (FIIs) netted a gain of ₹599.54 crore from equity investments on Friday, buying shares worth ₹38,461.63 crore and selling equities worth ₹37,862.09 crore.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
