Forex
Rupee Slides to Fresh Low Amid Global Risk Aversion
The Indian Rupee continued its downward trend on Friday, closing at 95.57 against the US dollar, down by 5 paise for the fifth consecutive day.
The rupee opened weakly but managed to recover some losses due to suspected RBI intervention and a slight correction in crude oil prices.
Forex traders pointed out that global risk aversion and elevated crude oil prices are weighing heavily on the rupee, with Brent crude trading lower by 3.28% at $104.10 per barrel.
Dilip Parmar, Senior Research Analyst at HDFC Securities, noted that the rupee has logged its steepest weekly loss since May 15 amid surging crude oil prices and climbing bond yields.