- The rupee opened strong at 69.11 at the forex market, then gained further and touched 69.05, displaying gains of 12 paise over its last close. The local unit however, pared some gains and was trading at 69.12, up 5 paise from its previous close at 09:29 am.
- According to analysts, weakening of dollar in the overseas markets, easing crude prices and positive opening in domestic equity market supported the rupee on Friday.
- However, foreign fund outflows weighed on the local currency and restricted the upmove, they said.
- Brent crude futures, the global oil benchmark, eased 0.26 per cent to $69.22 per barrel on Friday
- The benchmark BSE Sensex rose over 200 points while the NSE Nifty surpassed 11,650.
- Earlier on Thursday, RBI cut its key interest rate by 0.25 per cent to 6 per cent. The central bank projected GDP growth at 7.2 per cent for financial year 2019-20, according to its first policy statement of financial year 2019-20.
- The rupee, which was the worst performing Asian currency last year but gained over 2 per cent in March, is however, expected to reverse these gains and weaken over the coming year, hurt by monetary policy easing, according to news agency Reuters report.
- In the survey of nearly 50 strategists, taken between April 1-3, the rupee was forecast to weaken about 3 per cent over the next year to 70.38 against dollar, the poll found.
- The outcome of the national election is also likely to be key driver of its direction, it said.
- Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs. 226.19 crore on Thursday, as per provisional data.
(With inputs from agencies)
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