Rupee extends slide, drops 6 paise to close at 69.23 on increasing demand for dollars from importers

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Mumbai: The rupee skidded 6 paise to complete at 69.23 per US greenback on Friday, largely owing to rising demand for the buck from importers.

Foreign exchange merchants mentioned strengthening of the greenback towards key currencies abroad additionally stored the rupee below strain, although persistent overseas fund inflows restricted the autumn.

On the Interbank International Trade (foreign exchange) market, the home unit opened at 69.11. It moved in a spread of 69.33 to 69.05 earlier than lastly ending at 69.23, down 6 paise over its earlier shut.

Rupee extends slide, drops 6 paise to close at 69.23 on increasing demand for dollars from importers

Representational picture. Reuters.

The rupee had plunged 76 paise on Thursday to shut at 69.17 after the RBI lower the important thing rate of interest however stored its financial coverage stance ‘impartial’.

In the course of the week, the rupee misplaced 9 paise. That is the second consecutive week of loss for the native foreign money.

The greenback index, which gauges the buck’s power towards a basket of six currencies, inched up 0.01 % to 97.31.

Brent crude futures, the worldwide oil benchmark, was buying and selling 0.37 % decrease at $69.14 per barrel.

International institutional traders (FIIs) remained internet consumers within the capital markets, placing in Rs 797.90 crore Friday, as per provisional knowledge.

The 30-share BSE Sensex climbed 177.51 factors, or 0.49 %, to shut at 38,862.23, whereas the broader NSE Nifty rose 67.95 factors, or 0.59 %, to 11,665.95.

The Monetary Benchmark India Personal Ltd (FBIL) set the reference charge for the rupee/greenback at 69.1965 and for rupee/euro at 77.7317. The reference charge for rupee/British pound was mounted at 90.6354 and for rupee/100 Japanese yen at 61.96.

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