Rupee Drops Amid Strong Dollar and Crude Oil Prices

The Indian rupee depreciated by 7 paise on Friday and closed at 95.96 against the US dollar, following a strong American currency and high crude oil prices.

Despite initial gains in domestic equity markets and forex inflows, the rupee lost momentum and ended up closing at its day's low of 95.96 against the greenback.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, stated that the rupee traded in a range after opening higher due to firm domestic markets and a correction in crude oil prices. However, it gave up initial gains on a positive dollar.

The dollar index was trading 0.24 per cent higher at 100.39, while Brent crude cut losses in the second half and was trading 0.19 per cent lower at $104.60 per barrel.