Rupee Ends Week on Downward Trend as Crude Oil Prices Correct

The Indian rupee closed at 95.57 against the US dollar on Friday, down by 5 paise from its previous day's close, due to a correction in crude oil prices and suspected RBI intervention.

Despite opening with losses, the rupee pared some of those gains throughout the day as domestic stock markets recovered slightly from their lows and profit-taking occurred in crude oil prices.

Dilip Parmar, Senior Research Analyst at HDFC Securities, noted that the Indian rupee has extended its downward trend since May 15 amid rising crude oil prices and bond yields. He also pointed out that spot USDINR faces resistance at 95.80 with strong support positioned around 95.15.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, predicted a negative bias for the rupee due to risk-off sentiments in global markets and inflation concerns over elevated crude oil prices.