The Indian rupee depreciated by 5 paise against the US dollar on Friday, despite a slump in the domestic equity market.
Vatakas said on Friday:
The rise in demand for the dollar in the international market and the rise in crude oil prices have been a major obstacle to the rupee’s appreciation. However, the rupee had opened at 78.03 against the dollar in early trade on Friday. It went from a high of 78.02 to a low of 78.10 between trades.
At the end of the day, the rupee appreciated by 5 paise to close at 78.05.
Crude oil barrel 120.96 dollars
Brent crude traded higher at $ 120.96 a barrel in early trade on Friday.
Outflow of Rs 7,818.61 crore
Foreign exchange investors sold shares worth Rs 7,818.61 crore in early trade on Friday, according to stock market data.