Rupee Falls by 4 Paise Closes at 81.34 Against US Dollar

MUMBAI: The Rupee depreciated by 4 paise closing at 81.34 (provisional) against the US dollar on Friday, tracking a rebound in crude oil prices and sustained foreign fund outflows. Despite the depreciation, Indian Rupee is said to have strengthened its position by posting its biggest weekly gain in two months.

At the interbank foreign exchange market, the rupee opened on a weak note at 81.32 against the greenback, but lost ground and fell to an intra-day low of 81.45. It finished the session at over one month high of 81.3250 per Dollar versus its last close of 81.55.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 percent lower at 102.18.
Global oil benchmark Brent crude futures rose 0.42 percent to USD 84.38 per barrel.

Domestic gold futures rose by Rs 121 to Rs 56,236 per 10 grams, surpassing the previous record hit in August 2020. Gold rates have rallied since November, supported by a weaker dollar and expectations of slower interest rate hikes by the U.S. Federal Reserve. Meanwhile, the silver slipped by Rs 145 per kilogram.

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