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Reliance Securities Report
The Indian rupee depreciated on Friday and had its worst week against the dollar in six months, tracking a rise in long-term U.S. Treasury yields on worries that surging crude oil prices would worsen the inflation outlook.
The rupee ended at 74.99 compared with 74.78 in the previous session. It had fallen to 75.16 earlier in the session, the lowest since April 22.
For the week, it was down 1.2%, its sharpest drop since April 09, extending a near-1% fall in the last two weeks.
India's Monetary Policy Committee today kept interest rates steady as expected.
However, the central bank will increase its absorption of banking system liquidity to six trillion rupees in 14-day variable rate reverse repos from four trillion rupees.
In the overseas markets, the dollar index ended weaker after disappointing jobs number.
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