Rupee pares initial losses to close at 7606 against dollar
Mumbai Dec 17 PTI The rupee pared its initial losses to settle marginally up by 3 paise at 7606 provisional against the US dollar on Friday 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 Thursday the rupee settled at 7609 against the greenback 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 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 Thursday as they offloaded shares worth Rs 146871 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 up by 3 paise at 7606 provisional against the US dollar on Friday 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 Thursday the rupee settled at 7609 against the greenback 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 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 Thursday as they offloaded shares worth Rs 146871 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
