- The rupee opened lower at 73.44 and moved in a range of 73.28-73.47 before settling at the intraday low for the day.
- Crude oil prices dropped further to slip below $76 a barrel levels on Friday. Brent crude futures - the global benchmark for crude oil - fell $1.12, or 1.5 per cent, to a low of $75.77 per barrel. The contract, on course for a weekly loss of more than 4 per cent, has declined by more than $10 in three weeks.
- A global collapse in equities has roiled oil markets this week as Wall Street had its biggest daily decline since 2011, wiping out all of this year's previous gains.
- The dollar index, which tracks the US currency against a basket of six major currencies, hit a 10-week high on Friday.
- Traders expect a strong reading of the United States GDP data, due for release later in the day, which could strengthen the dollar further.
- Analysts expect the rupee to trade sideways going forward.
- Upside in the rupee could be limited on account of broader dollar strength, weakness in equities and persistent demand for the greenback from oil companies, said IFA Global, a forex advisory firm.
- Domestic stock markets finished at a 7-month low, with the Sensex losing 340 points, or 1 per cent.
- Foreign funds pulled out Rs 1,356.66 crore from the capital markets on a net basis on Thursday, while net purchases by domestic institutional investors stood at Rs 1,875.89 crore, provisional data from the NSE showed.
- On Thursday, the rupee had declined by 11 paise to close at 73.27 against the dollar.
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(With agency inputs)
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