The 30-stock BSE Sensex fell 671.15 points. (File)
New Delhi:
The rupee reversed its initial losses to settle 4 paise higher on Friday at 82.02 (preliminary) against the US dollar, following the weakness of the US currency in the overseas market.
In the interbank foreign exchange market, the local unit opened at 82.12 against the US currency and eventually closed at 82.02 (preliminary) against the greenback, making a gain of 4 paise from the previous close of 82. 06.
During the session, the rupee reached a high of 81.99 and a low of 82.14 against the dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.08 percent to 105.22.
Global oil benchmark Brent oil futures fell 0.59 percent to $81.11 a barrel.
“The Indian rupee depreciated marginally by 0.04 percent on Friday amid weak domestic markets. However, the weak dollar dampened the downward trend,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
The dollar fell from a three-month high on weak US markets and disappointing weekly jobless claims, which rose from 1.90,000 the previous week to 2.11,000.
“We expect the rupee to trade with a negative bias towards risk aversion in global markets and selling pressure from FIIs. However, the weak dollar, falling US Treasury yields and a drop in crude oil prices may help soften the downtrend,” said Choudhary. .
Traders may remain cautious awaiting nonfarm payroll, median hourly earnings and unemployment figures from the US. Traders may also want to look to India’s industrial production numbers, which are likely to be better than the previous month, Choudhary said.
In the domestic stock market, the 30-share BSE Sensex fell 671.15 points, or 1.12 percent, to finish at 59,135.13, while the broader NSE Nifty fell 176.70 points, or 1 percent, to 17,412.90.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth Rs 561.78 crore, according to exchange data.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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