Rupee drops to over 3-week low at 61.62 ahead of US jobs report
This is the weakest level for the rupee since 61.83 on October 16
)
The Indian rupee today dropped to nearly three and a half week low to close at 61.62 against the Greenback, down 21 paise, on sustained dollar demand from importers ahead of a key US jobs report.
The renewed strength of dollar is keeping emerging market currencies under immense pressure, a forex dealer noted.
At the Interbank Foreign Exchange market (Forex), the domestic unit commenced lower at 61.52 a dollar as against Wednesday's close of 61.41 and moved in a range of 61.4875 and 61.6750. It finished at 61.62, showing a loss of 21 paise, or 0.34 per cent.
This is the weakest level for the rupee since 61.83 on October 16.
"The USD/INR pair will take cues from the non farm payroll data scheduled for release later in the day," said India Forex Advisors.
Non-farm payroll figures out of Washington later Friday will give a better handle on the state of the US economy.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1,030.85 crore on Wednesday, as per provisional data released by the stock exchanges.
The US Greenback surged to more than five-year high against major currencies.
Meanwhile, the benchmark Sensex retreated from its record-breaking run and settled lower at 27,868.63, down 47.25 points or 0.17 per cent.
The renewed strength of dollar is keeping emerging market currencies under immense pressure, a forex dealer noted.
At the Interbank Foreign Exchange market (Forex), the domestic unit commenced lower at 61.52 a dollar as against Wednesday's close of 61.41 and moved in a range of 61.4875 and 61.6750. It finished at 61.62, showing a loss of 21 paise, or 0.34 per cent.
This is the weakest level for the rupee since 61.83 on October 16.
"The USD/INR pair will take cues from the non farm payroll data scheduled for release later in the day," said India Forex Advisors.
Non-farm payroll figures out of Washington later Friday will give a better handle on the state of the US economy.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1,030.85 crore on Wednesday, as per provisional data released by the stock exchanges.
The US Greenback surged to more than five-year high against major currencies.
Meanwhile, the benchmark Sensex retreated from its record-breaking run and settled lower at 27,868.63, down 47.25 points or 0.17 per cent.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Nov 07 2014 | 6:10 PM IST