Overall, it was a weak trading day after it breached 72/USD mark to have an intraday low of 72.10/USD.
The Indian rupee closed at a record low of 71.99/USD on Thursday, dragged by strengthening of dollar. The currency had recovered slightly in the last couple of hours, pulling back to 71.85/USD.
Overall, it was a weak trading day after it breached 72/USD mark to have an intraday low of 72.10/USD.
The currency has managed to fall over 3 percent in the past one month. It had opened higher by 13 paise at 71.62 per dollar .
The sentiment for rupee is likely to remain bearish amid outflows from debt market by FII. The Finance Ministry attributed the fall in rupee to global factors and said there was no need for panic or knee-jerk reactions. He further said the RBI is doing whatever is necessary to deal with the situation, according to IFA Global report.
Technically, the rupee has been weak since the start of the year from the lows of 63.20 against the US dollar to an all-time high of Rs 71.97 against the US dollar. We believe the Indian rupee will find some resistance around the 72-levels against the US dollar, said Rajeev Srivastava of Reliance Securities.