Re settles at over 2-mth low
The local unit sheds 8 paise to close at 82.82/USD; Declines for 3rd consecutive day
Mumbai The rupee fell by 8 paise to settle at a more than two-month low against the US dollar on Friday weighed down by safe-haven dollar demand and higher crude oil prices.
Foreign fund outflows also weighed on the local unit, analysts said. At the interbank foreign exchange, the domestic unit opened at 82.73 against the dollar and finally ended the day at 82.82, registering a fall of 8 paise from its previous close. During the session, the local unit touched a peak of 82.72 and hit the lowest level of 82.85. On Thursday, the rupee had settled at 82.74 against the dollar. The Indian rupee settled lower following safe-haven dollar demand and higher crude oil prices, Dilip Parmar, Research Analyst, HDFC Securities said. The rupee dropped by 64 paise this week. All eyes will be on the next week’s RBI monetary policy after the recent surge in food prices. Traders are pricing in no change at the August 10 meeting.