Commodities
Rupee Slides Below 95 Against US Dollar Amid Global Risk Aversion
The Indian rupee ended Friday's session at 95.57 against the US dollar, down by 5 paise from the previous close. The local unit had initially lost ground but rebounded on suspected RBI intervention and a slight recovery in domestic stock markets.
Forex traders attributed the rupee's decline to risk aversion in global markets and elevated crude oil prices, which have been weighing heavily on the currency.
Dilip Parmar, Senior Research Analyst at HDFC Securities, noted that the Indian rupee has extended its downward spiral, logging its steepest weekly loss since May 15. He added that persistent geopolitical tensions and sluggish monsoon rainfall continue to dampen domestic sentiment.