Rupee Continues Downward Trend Amid Rising Oil Prices
The Indian rupee continued its downward trend on Friday, closing at 95.57 against the US dollar after being down by 5 paise.
This marks the fifth consecutive session of a lower close for the rupee, and it has logged its steepest weekly loss since May 15 due to surging crude oil prices and climbing bond yields, said Dilip Parmar, Senior Research Analyst, HDFC Securities.
Rupee opened on a negative note but pared some losses thanks to suspected RBI intervention, profit booking in crude oil prices at higher levels, and a slight recovery in domestic stock markets from the day's lows. The local unit later hit its day's high of 95.51 before settling down by 5 paise.
The dollar index was trading at 99.13, up 0.09 per cent, while Brent crude traded lower by 3.28 per cent at $104.10 per barrel in futures trade.