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      Indian Rupee: Weakens in early trades

      MoM Team / Mumbai, Apr 07, 2017 10:16 AM IST

        Indian Rupee: Weakens in early trades

        The Indian rupee weakened against the dollar in early trades on Friday, 07 April 2017 due to appreciation of the American currency overseas. Besides, a lower opening in the domestic equity market also weighed on the rupee.

        The domestic currency opened at Rs 64.63 against the dollar and registered an intraday high and low of 64.33 and 64.6550 respectively so far during the day.

        In the spot currency market, the Indian unit was last seen trading at 64.4150. The rupee had closed yesterday at a near 20-month high of 64.52, firming up by 35 paise against the US dollar on massive unwinding of the American currency by exporters amid buoyant growth outlook by the Reserve Bank.

        Domestic benchmark indices edged lower in early trade amid geopolitical tensions as US fired dozens of cruise missiles into Syria. At 9:17 IST, the barometer index, the S&P BSE Sensex, was down 119.83 points or 0.4 percent at 29,807.51. The Nifty 50 index was down 43.15 points or 0.47 percent at 9,218.80.

        Overseas, Asian stocks edged lower after the US fired dozens of cruise missiles into Syria. The missile strikes happened as President Donald Trump hosts Chinese President Xi Jinping at his Mar-a-Lago resort in Florida. US equities closed well off session highs yesterday, 6 April 2017, after Trump said he's willing to act alone on North Korea if China does not step up.

        Meanwhile, the dollar skidded against the safe-haven Japanese yen on Friday after the United States launched cruise missiles at an airbase in Syria, raising concerns of a sharp escalation in the Syrian civil war.

        US President Donald Trump said on Thursday he ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched. The dollar index, which gauges the greenback against a basket of six major rivals, was down slightly on the day at 100.66, up 0.3 percent for the week.

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      Source: Capital Market

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