Mumbai: The rupee depreciated by Four paise to shut at a recent three-week low of 71.35 in opposition to the US dollar on Friday, persevering with
Forex merchants mentioned the USD/INR spot has been buying and selling in a decent vary amid lack of cues.
The rupee opened larger at 71.26 and touched a excessive of 71.19 in morning commerce. Later, it misplaced floor and fell to a low of 71.40 earlier than closing at 71.35, the bottom stage since December 4.
On a weekly foundation, the rupee depreciated by 19 paise.
Crude oil costs rose to three-month excessive ranges on optimistic US and Chinese language financial information.
Brent futures gained 0.22 per cent to commerce at USD 68.07 per barrel whereas the West Texas Intermediate was up 24 cents, or 0.4%, at USD 61.92 a barrel.
“The USD/INR spot has been buying and selling in a decent vary of 71-71.40 amid vacation season, and we anticipate skinny and lackluster motion to proceed even subsequent week,” mentioned Rahul Gupta, Head of Analysis- Foreign money , Emkay World Monetary Companies.
Gupta additional mentioned that “the optimistic sentiments concerning US-China Section-One commerce deal will go on till there’s any contradictory information from the US. 71 will proceed to behave as a powerful assist, whereas 71.40 will likely be a powerful resistance.”
In the meantime, the greenback index, which gauges the dollar’s energy in opposition to a…