Forex

Rupee down 7 paise to end at 71.33

PTI | Updated on January 24, 2020

The rupee depreciated by 7 paise to close at 71.33 against the US dollar on Friday due to dollar demand from importers amid a correction in crude oil prices following outbreak of coronavirus in China.

Gains in the US dollar against the world currencies also weighed on the rupee sentiment.

At the Interbank foreign exchange market, the domestic currency opened weak at 71.34 against the previous close of 71.26. The unit recovered to a high of 71.22 later after a rally in domestic stocks, but it erased gains due to dollar demand from importers.

The Indian currency finally settled at 71.33, registering a loss of 7 paise over the previous close.

“USD/INR has been trading in a very border range for 71.00 - 71.50 this entire week. Lower oil prices has offset month-end dollar demand which has kept USDINR in tight range.

“Going forward, next week FOMC meeting and India’s union budget will keep rupee on an edge. Also a major development on China coronavirus can be a spoilsport. Overall for next week, USD/INR is expected to trade in a range which crucial supports placed at 71.05 and 71.60 can act as a major resistances,” Rahul Gupta, Head of Research - Currency, Emkay Global Financial Services said.

 

Published on January 24, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like