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Reliance Securities Report
The Indian rupee depreciated on Friday and for the 5th straight week against the U.S. dollar, as the dollar continued to strengthen amid increasing bets of an early tapering from the Federal Reserve.
The rupee ended at 74.74 on Friday compared with 74.56 in the previous session. Earlier in the day, the local unit had weakened to 74.87, the lowest since Apr. 26, on foreign banks' dollar purchases.
For the week, the rupee depreciated by 0.7%, adding to an aggregate fall of 2.4% in the last four weeks. Meanwhile, the currency also weakened on the back of strong oil prices.
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