Rupee Weakens Against Dollar: Weekly Wrap-Up Shows 8-Paise Loss On Last Business Day

Rupee weakens against Dollar: Weekly wrap-up shows 8-paise loss on last business day.

Rupee vs Dollar: The rupee fell against the dollar on the last day of the business week, opening with an 8-paise loss.

In early Friday activity, the rupee fell 8 paise to 82.74 against the US dollar, andnd the US dollar got stronger.

Currency Performance: Analysts said a weak sentiment in equity markets and crude oil prices hovering near USD 87 per barrel also weighed on the domestic unit.

The Reserve Bank of India on Thursday decided to keep the key interest rate unchanged in its bi-monthly monetary policy review. Indicated a tighter policy if food prices lead to inflation.

The US currency strengthened again after US consumer price inflation showed softening in July, boosting hopes that the US Federal Reserve will hold off on rate hikes.

Rupee-Dollar Exchange Rate: Rupee weakens against Dollar.

The local currency opened at 82.75 against the US dollar on the interbank forex market and fluctuated in a narrow range of 82.73 to 82.76.

It later traded at 82.74 against the dollar, showing a decline of 8 paise from its previous close. On Thursday, the rupee appreciated by 19 paise to close at 82.66 against the US dollar.

Meanwhile, the dollar index is a basket of six world currencies. It estimates the strength of the dollar. The dollar rose 0.05 percent to 102.57.

Brent crude was trading 0.02 percent down at USD 86.38 a barrel, the global oil benchmark. According to exchange data, foreign institutional investors (FIIs) bought shares worth Rs 331.22 crore on Thursday.

Weekly Market Update: How was the stock market.

Today, the 30-share BSE Sensex was trading at 65,458.85, down 229.33 points or 0.35 percent.

The broader NSE Nifty fell 76.05 points, or 0.39 percent, to 19,467.05. Today HCL Technologies, Power Grid, Tata Motors, Maruti, Titan, and Wipro shares are trading with gains.