Forex
Rupee Extends Downward Spiral, Closes at 5-Week Low Against US Dollar
The Indian rupee depreciated by 2 paise to close at 95.54 against the US dollar on Friday, marking its fifth consecutive decline.
The rupee pared most of its initial losses and settled at 95.54 after a correction in crude oil prices and suspected RBI intervention.
Forex traders said risk aversion in global markets and elevated crude oil prices are weighing on the rupee, which fell to a low of 95.79 before recovering to hit a high of 95.51.
According to Dilip Parmar, Senior Research Analyst at HDFC Securities, the Indian rupee extended its downward spiral, logging its steepest weekly loss since May 15 amid surging crude oil prices and climbing bond yields.