Extending its losing streak for the fourth straight day, the rupee weakened by five paise to 61.01 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
The rupee strengthened by 14 paise to close at 66.41 against the US dollar on Wednesday.
Or Iran may face the risk of losing its biggest client
The rupee has lost 32 paise, or 0.50 per cent, in five trading days
The rupee on Tuesday recovered from its two-week low to end steady at 66.60 against the American currency, inching up by a paisa on the back of mild dollar selling.
The local currency dropped to 61.75 before concluding at 61.70, a loss of seven paise from its previous close.
The dollar index was up by a whopping 0.45 per cent against basket of six major global rivals, which also pushed the rupee to log its biggest daily loss since September 15.
The US dollar turned expensive against a basket of global currencies which hit the rupee sentiment
Monday's morning trade sees increased selling of USD by exporters.
The rupee on Monday failed to maintain initial gains and ended lower by five paise at 60.21 against the dollar on fag-end demand for the US currency from banks and importers.
The rupee dropped on renewed demand for the American currency.
At lower levels, a supportive buying in dollar forced rupee to depreciate since opening trade
Month end dollar demand from oil importers has forced rupee to trade weak.
The RBI fixed the reference rate for the dollar at 65.2525 and for the euro at 72.1954.
The rupee ended lower by 7 paise to 62.31 against the American currency on fresh dollar demand from banks.
Even the persistent rise in equity market failed to restrict the rupee's fall.
He attacked the dispensation over issues such as the state of the economy, the situation in Kashmir, the National Register of Citizens in Assam and action by probe agencies against opposition leaders.
Bouts of month-end dollar demand from banks and importers hit the rupee
Modi wants the BJP to gets an additional 10% of the vote share from what it won in 2019. Plans are afoot to get new faces to replace MPs with poor chances of winning. Sources say more than 100 MPs are like to be axed, notes Modi biographer Ramesh Menon.
The rupee had recovered from its 29-month lows by rising 39 paise to close at 67.63 on Friday.
The ballooning of crude prices has significantly increased the country's oil import bill and it can also lead to a worsening of the current account deficit and fiscal deficit for the domestic economy.
Fresh foreign capital outflows also affected the rupee sentiment, a forex dealer said.
The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in Monday's trade.
Heavy offloading by foreign portfolio investors also weighed on the rupee
Overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains.
This is its lowest level since August 30
Since mid-July, the RBI has taken steps to tighten cash conditions, which have failed to support the rupee but sent bond yields surging, posing a fresh threat to the already cooling economy.
In cross-currency trades, the rupee firmed up further against the pound sterling
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 625 each to Rs 31,750 and Rs 31,550 per ten gram, respectively. Sovereign followed suit and rose by Rs 200 to Rs 25,100 per piece of eight gram.
Dollar's weakness against other currencies in the global market made the local unit stronger.
Of the 3,893,149 registered applicants on the MP Rojgar portal, only 21 individuals have been successfully placed in government and semi-government positions since April 2020.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
The Indian unit opened higher at 66.10 per dollar as against overnight level of 66.30 at the Interbank Foreign Exchange market and firmed up further to 66.04 on initial dollar selling.
The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows.
On Monday, the rupee had moved up by 3 paise.
The rupee had slumped to its all-time closing low of 68.80 a dollar on August 28, 2013.
The rupee had lost three paise to hit two-month closing low of 66.80.
The rupee had firmed up by 28 paise to close at 3-week high of 66.97 in Monday's trade.
HCL Tech led the Sensex gainers' chart, spurting 3.58 per cent, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins. In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shedding up to 1.51 per cent.
