Rupee Finishes Week Lower Against Dollar: 10 Things To Know

1. 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.
2. 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.
3. 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.
4. The dollar index, which tracks the US currency against a basket of six major currencies, hit a 10-week high on Friday.
5. Traders expect a strong reading of the United States GDP data, due for release later in the day, which could strengthen the dollar further.
6. Analysts expect the rupee to trade sideways going forward.
7. 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.
8. Domestic stock markets finished at a 7-month low, with the Sensex losing 340 points, or 1 per cent.
9. 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.
10. On Thursday, the rupee had declined by 11 paise to close at 73.27 against the dollar.

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