Business · India Bureau
Indian rupee weakens to 95.57 as global risk aversion persists
The rupee declined 5 paise to close at 95.57 against the US dollar on Friday, marking its fifth consecutive session of losses. The currency pared initial declines following a correction in crude oil prices and suspected intervention by the Reserve Bank of India.
LSN India ·
The Indian rupee extended its losing streak on Friday as global market risk aversion and elevated crude oil prices continued to pressure the unit. The currency opened at 95.70 and weakened further to an intraday low of 95.79 before recovering to close at 95.57, down 5 paise from the previous session's finish.
Foreign exchange traders attributed the rupee's resilience in the latter part of the trading session to suspected RBI intervention, a rebound in domestic equities from their daily lows, and profit-taking in crude oil at elevated price levels. Despite these supportive factors, the rupee remained under pressure from broader headwinds in global financial markets.
The intraday recovery saw the rupee climb to a high of 95.51 before settling at the day's close. The repeated losses underscore the ongoing challenges facing the Indian currency amid international uncertainty and commodity price volatility. Traders expect crude oil prices and global risk sentiment to remain key factors influencing rupee movements in coming sessions.