Re falls 13ps to close at 83.44$
USD/INR spot price is expected to trade in a range of Rs83.10 to Rs83.70
Mumbai: The rupee depreciated 13paise to close at 83.44 against the US dollar on Friday, weighed down by a massive sell-off in domestic equities and a strong greenback against major crosses overseas. Forex traders said elevated crude oil prices also dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.36 and touched an intraday low of 83.44 against the greenback. The local unit finally settled at 83.44, registering a loss of 13paise from its previous close.
On Wednesday, the rupee closed flat at 83.31 against the US dollar. Forex markets were closed on Thursday on account of Eid-Ul-Fitr. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.51 per cent higher at 105.82. The US dollar rose to a five-month high on hot inflation. Headline and core inflation topped the forecast, leading to diminishing expectations of a rate cut by the US Federal Reserve in June. Hawkish FOMC meeting minutes supported the greenback. Forex traders said rising crude oil prices will have a negative impact on the rupee as it will threaten the current account dynamics of the country.
