Rupee snaps 3-day winning streak, drops 14 paise to 70.14 against USD
Halting its three-day winning run, the rupee on Friday edged lower by 14 paise to close at 70.14 to the dollar in line with fall in domestic equities market. On a weekly basis, however, the domestic currency logged 78 paise gains. The rupee saw a fall on Friday despite drop in global crude prices and weakness in dollar against key rival currencies.
At the forex market, the domestic currency opened lower at 70.18 a dollar and fell further to touch the day''s low of 70.22. It finally settled at 70.14 per dollar, down 14 paise over its previous close.
Brent crude futures, the global oil benchmark, fell 1.76 per cent to $65.13 per barrel.
The dollar index, which gauges the greenback''s strength against a basket of six currencies, fell 0.25 per cent to 97.42.
"The Indian rupee has gained 2 per cent over the last one month to trade below 70 per US dollar. The India rupee is the best performing emerging market currency over last one month," Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said.
On Thursday, the rupee had strengthened 28 paise to close at 70 against the dollar.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,137.85 crore Thursday, as per provisional data.
Meanwhile, the 30-share BSE Sensex settled 53.99 points, or 0.15 per cent, lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points, or 0.21 per cent, to 11,035.40.
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