Rupee firms up gains to end at 7606 against dollar
Mumbai Dec 17 PTI The rupee pared its initial losses to settle marginally higher by 3 paise at 7606 against the US dollar on Friday even as concerns over foreign fund outflows and rising crude oil prices weighed on overall sentiment The local unit however recorded its fourth weekly decline amid growing concerns over the Omicron variant of coronavirus Firming up of crude oil prices too weighed on the local unit At the interbank foreign exchange market the rupee opened lower at 7623 a dollar registering a decline of 14 paise from the last close During the day it pared its losses and settled at 7606 provisional against the American currency On a weekly basis the rupee depreciated 28 paise against the US dollar Meanwhile the US dollar index which measures the greenbacks strength against the basket of six currencies fell 008 per cent to 9596 Indian rupee stabilised today after hitting lowest level of 20 months this week but recorded fourth weekly decline to close at 7609 a dollar amid risk averse sentiments policy divergence foreign fund outflows and higher trade deficit number said Dilip Parmar- Research Analyst HDFC Securities The Reserve Bank of Indias policy divergence with the US Fed remains sizeable which weighed on the local unit along with higher imports Parmar said Going ahead trading volumes are set to decline as forex markets head into the Christmas break As major events of the year are almost done we expect forex markets to stay calm in the coming week he added According to Emkay Global Financial Services as we proceed towards the year-end USDINR spot will be sluggish in between a broad range Also next week there is no major data or event to focus on so Omicron news will likely be the key catalyst for forex market Brent crude futures the global oil benchmark fell 145 per cent to USD 7393 per barrel Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth Rs 206990 crore as per exchange data On the domestic equity market front the BSE Sensex ended 88940 points or 154 per cent lower at 5701174 while the broader NSE Nifty declined 26320 points or 153 per cent to 1698520 PTI DRR MKJ
Mumbai Dec 17 PTI The rupee pared its initial losses to settle marginally higher by 3 paise at 7606 against the US dollar on Friday even as concerns over foreign fund outflows and rising crude oil prices weighed on overall sentiment The local unit however recorded its fourth weekly decline amid growing concerns over the Omicron variant of coronavirus Firming up of crude oil prices too weighed on the local unit At the interbank foreign exchange market the rupee opened lower at 7623 a dollar registering a decline of 14 paise from the last close During the day it pared its losses and settled at 7606 provisional against the American currency On a weekly basis the rupee depreciated 28 paise against the US dollar Meanwhile the US dollar index which measures the greenbacks strength against the basket of six currencies fell 008 per cent to 9596 Indian rupee stabilised today after hitting lowest level of 20 months this week but recorded fourth weekly decline to close at 7609 a dollar amid risk averse sentiments policy divergence foreign fund outflows and higher trade deficit number said Dilip Parmar- Research Analyst HDFC Securities The Reserve Bank of Indias policy divergence with the US Fed remains sizeable which weighed on the local unit along with higher imports Parmar said Going ahead trading volumes are set to decline as forex markets head into the Christmas break As major events of the year are almost done we expect forex markets to stay calm in the coming week he added According to Emkay Global Financial Services as we proceed towards the year-end USDINR spot will be sluggish in between a broad range Also next week there is no major data or event to focus on so Omicron news will likely be the key catalyst for forex market Brent crude futures the global oil benchmark fell 145 per cent to USD 7393 per barrel Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth Rs 206990 crore as per exchange data On the domestic equity market front the BSE Sensex ended 88940 points or 154 per cent lower at 5701174 while the broader NSE Nifty declined 26320 points or 153 per cent to 1698520 PTI DRR MKJ
