Rupee depreciated by four paise to end lower at 81.69 vs US dollar on Friday amid strength in greenback and ease in global crude oil prices.
Rupee depreciated by four paise from its previous close to end lower at 81.69 vs US dollar on Friday. Earlier in the session, the currency opened eight paise higher amid ease in global crude oil prices. However, strength in the value of greenback against a basket of six peers, however, capped the gains.
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The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading 0.3 percent higher at 106.5.
Crude oil prices fell on Friday, extending losses from the previous session, as COVID-19 cases in China fueled demand worries. Brent crude futures slumped 2.6 percent to $90.4 per barrel at the last count. WTI futures plunged 3.8 percent to $82.4 per barrel at the last count.
"USD-INR price action suggests heavy bids on intraday dips. On one hand inflows of nearly $3.5 billion in the present month kept USD-INR docile and on the other RBI’s buying with other participants is pushing the pair higher. Spikes near 81.80-82.00 can be expected while the support of 81.20 remains protected," said Amit Pabari, Managing Director at CR Forex.
"As we dust-off with major releases for the week, the focus will now shift to the US home sales and GDP for further cues," Pabari added.
Indian equity benchmarks BSE Sensex and NSE Nifty50 started the session higher on Friday amid mixed global cues.
First Published: IST