Rupee Weakens Sharply to 79.66 Per Dollar

Story Highlights
  • The Rupee closes at 79.6550 per dollar on Monday.
  • The domestic unit closed down by 0.54 per cent.
  • US unemployment rate dropped to its lowest on Friday.

New Delhi: The Indian currency opened weakly on Monday at 79.6550 per dollar, a loss of about 42 paise from Friday’s close of 79.2413. 

The dollar on Monday extended gains from Friday after solid US jobs data lifted expectations for more aggressive Federal Reserve policy tightening.

As per reports, the domestic unit closed down by 0.54 per cent on Friday after a short-lived bump that saw the currency rise following a 50 basis point rate hike from the Reserve Bank of India.

Blockbuster US jobs growth pushed markets to move in quickly and price around a 70 per cent chance the Federal Reserve would lift rates by 75 basis points in September, sending two-year yields up 20 basis points on Friday and further inverting the curve.

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