INR vs USD: Forex markets were closed on Thursday on account of 'Ganesh Chaturthi'.
The rupee erased all gains against the US dollar and weakened sharply to 71.99 on Friday, reported news agency Reuters. According to dealers, the depreciation in Indian currency came after sustained dollar demand from oil importers pushed the unit below a strong resistance level. The rupee was trading at 71.94 to the dollar, after touching 71.52, its strongest since September 5 and compared with its previous close of 72.19. Meanwhile, government assured that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels.