The rupee on Friday slipped 12 paise to close at 79 rupees 74 paise against the US dollar. A firming US currency and a rise in crude oil prices led to the fall in the domestic currency. Strong dollar demand from oil importers and concerns over trade deficit also weighed on the rupee. However, due to the investment of foreign institutional investors in the stock market, the rupee was saved from a major fall.
The rupee opened at 79.67 in the interbank foreign exchange market. During trading, the rupee went to a high of 79.63 and a low of 79.74. In the end, the rupee closed down by 12 paise at 79.74 per dollar. Due to this, the rupee had lost 37 paise to close at 79.62 per dollar in the previous trading session i.e. on Thursday.
Dilip Parmar, Research Analyst, HDFC Securities said, “Indian rupee underperformed in Asian currencies in the week of lower trading session on the back of the US dollar demand-supply gap and higher crude oil prices due to holidays.”
Meanwhile, the dollar index, which measures the strength of the dollar against the world’s six major currencies, rose 0.26 per cent to 105.36. International oil standard Brent crude rose 0.55 percent to $100.15 a barrel.
Apart from this, the 30-share Sensex of BSE closed at 59,462.78, up 130.18 points. According to stock market data, Foreign Institutional Investors (FIIs) were net buyers in the Indian capital market. He bought shares worth a net Rs 3,040.46 crore on Friday.