Rupee slips against US dollar, euro
Premium- At the interbank foreign exchange market, the rupee opened at 74.15 per dollar as against its previous close of 74.18
The rupee weakened by 2 paise to end at 74.20 (provisional) against the US dollar on Friday as higher crude oil prices weighed on forex market sentiment. The EUR/INR pair was trading in the range of 88.60-88.62.
At the interbank foreign exchange market, the rupee opened at 74.15 per dollar as against its previous close of 74.18. It hovered in the range of 74.14 to 74.25 during the day before ending at 74.20 against the greenback.
"The Indian rupee remained under pressure on Friday on firm crude oil prices and as market participants remained vigilant ahead of US Core PCE Price Index data," Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas as quoted by PTI.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 91.74.
"Dollar is showing weakness amid Fed officials differing view on how long inflation is likely to stay high and when to tighten monetary policy. Market Sentiments improved on news that US President Joe Biden and a group of senators agreed on roughly USD 1 trillion infrastructure plan securing bipartisan deal," he noted
(With inputs from PTI)
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