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The rupee dropped 10 paise to close at 71.34 against the US dollar on Thursday as heavy selling in domestic equities, unabated foreign fund outflows, and rising crude oil prices kept investors edgy.
Forex traders said investors also turned cautious after the US Fed dimmed hopes of further rate cuts.
At the interbank forex market, the local unit opened strong at 71.36, and shuttled between a high of 71.06 and a low of 71.37. It finally finished at 71.34, lower by 10 paise over its previous close of 71.24. “Since morning, the rupee has been tracking the moves in crude. Overnight drop in oil led the rupee to appreciate. However, escalating tensions in West Asia limited the gains in the rupee,” said Rahul Gupta, Currency Research Head, Emkay Global Financial Services.
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