Millennium Post

₹ logs first fall in 5 days, slides by 23p against $

Mumbai: The rupee on Friday registered its first loss in five straight sessions, tumbling by 23 paise to close at 66.87 against the US currency in a highly volatile trade.
Sluggish local equity markets, steady capital outflows and rise in crude prices predominantly dampened forex market sentiment.
After crashing to a fresh 14-month low of 66.91 a dollar last Wednesday, the Indian currency started recovering.
For the last few weeks, there has been a host of domestic and global factors leading to substantial slide in the domestic currency with crude and commodity prices running higher.
Moreover, the rupee's movement will be influenced by the Reserve Bank of India's stance on intervention in the foreign currency market, he added.
Meanwhile, the US dollar continued to trade with a soft tone ahead of the all-important non-farm payrolls in early US session.
On the global energy front, crude pries edged higher largely extending overnight gains well supported by a possible fresh US sanctions against Iran. The self-imposed US deadline for making a decision on Iran is May 12.
Brent crude, an international benchmark, was trading lower at $72.98 a barrel in early Asian trade.
The rupee started with a mild negative bias at 66.65 from Thursday's close of 66.64 at the inter-bank foreign exchange (forex) market.
However, the follow-through weakness eventually pulled down the home currency to hit a fresh intra-day low of 66.92 in mid-afternoon deals as state-run and private banks stepped up dollar purchases for their importer clients.
The local unit finally settled the day with a steep loss of 23 paise, or 0.35 per cent, at 66.87 a dollar.
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