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Forex traders stated the rupee traded weak largely owing to reinforcing of the US dollar ahead of the non-farm payrolls number arranged to be launched later in the day.
At the interbank foreign exchange market, the local currency opened on a weak note at 71.26
During the day, the local system lost additional ground and touched a low of 71.49, prior to lastly settling for the day at 71.40 versus the US dollar, down 22 paise over its previous close.
The domestic system had settled at 71.18 on Thursday.
On a weekly basis, the rupee lost 8 paise.
” Rupee traded weak on Friday as dollar scaled high towards 71.35, primarily on back of on damaging danger cravings in the middle of a strong greenback ahead of US non-farm payroll information due later today,” said Jateen Trivedi, Senior Citizen Research Study Analyst (Commodity & Currency) at LKP Securities.
The dollar index, which determines the greenback’s strength against a basket of 6 currencies, increased by 0.09 per cent to 98.58
” Volatility for the rupee in the very first half of the session stayed low but in the latter half the currency started to come under pressure,” said Gaurang Somaiyaa, Forex (Click Here For Best Forex Techniques) & Bullion Analyst, Motilal Oswal Financial Solutions.
Somaiyaa even more stated on the domestic front, market individuals will be keeping an eye on inflation number that will be released next week; expectation is that the inflation might inch greater and that might further weigh on the rupee.
On the domestic market front, the 30- share BSE Sensex fell 164.18 points or 0.40 per cent to 41,14185 The wider NSE Nifty settled lower by 39.60 points or 0.33 per cent at 12,09835
The 10- year Indian government bond yield was at 6.44 percent.
On the other hand, the global crude benchmark Brent futures fell 0.15 per cent to trade at USD 54.85 per barrel.
Foreign institutional financiers sold equities worth Rs 560.36 crore on a net basis on Thursday, according to provisional exchange data.
The Financial Standard India Private Ltd (FBIL) set the referral rate for the rupee/dollar at 71.2558 and for rupee/euro at 78.3804 The reference rate for rupee/British pound was fixed at 92.5195 and for rupee/100 Japanese yen at 64.82
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