Rupee slips 7 paise to close at 75.11 against U.S. dollar
The Hindu
Forex traders said sustained foreign fund outflows and elevated crude oil prices too weakened the rupee
The rupee declined by 7 paise to close at 75.11 (provisional) against the U.S. currency on Thursday as geopolitical tensions pushed investors towards safe-haven assets.
Forex traders said sustained foreign fund outflows and elevated crude oil prices too weakened the rupee.
At the interbank foreign exchange, the rupee opened at 74.94 against the American dollar but later dropped to a low of 75.18 against the greenback.
The local unit was quoted at 75.11 at close, down 7 paise from the previous close.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15% higher at 95.84.
"The local unit is struggling near the psychological level of 75 as safe haven dollar remained in demand amid ongoing speculation of Fed tightening in March meetings along with geopolitical worries," Dilip Parmar, Research Analyst, HDFC Securities.
Spot USDINR expected to find support in the range of 74.90 to 75, while 75.70 remains the biggest hurdle, Mr. Parmar added.
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