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      Indian Rupee: Weakens on increased dollar demand

      MoM Team / Mumbai, May 05, 2017 10:27 AM IST

        Indian Rupee: Weakens on increased dollar demand

        The Indian rupee weakened further against the dollar in early trades on Friday, 05 May 2017 on increased demand for the American currency from importers and banks.

        Strength in the US dollar against some other currencies overseas and a lower opening in the domestic equity market also weighed on the domestic currency.

        The domestic currency opened at Rs 64.23 against the dollar and dipped to a low of 64.2850 so far during the day. In the spot currency market, the Indian unit was lasts seen trading at 64.2850.

        Yesterday, the rupee had shed 3 paise to close at 64.18 against the US dollar on fresh demand for the dollar.

        Domestic benchmark indices edged lower in early trade on subdued global cues. At 9:17 IST, the barometer index, the S&P BSE Sensex was down 67.61 points or 0.22 percent at 30,058.60. The Nifty 50 index declined 15.75 points or 0.17 percent at 9,344.15.

        Overseas, Asian stocks witnessed a mixed trend. US stocks closed almost flat yesterday, 4 May 2017, as energy stocks put a lid on the broader market amid slide in crude oil prices.

        Meanwhile, the dollar slumped overnight against a basket of major currencies on Thursday, weighed by a surge in the euro to six-month highs, as viewers' polls declared that Emmanuel Macron won a TV presidential debate against Marine Le Pen, increasing the likelihood of a Macron victory at the runoff vote on Sunday.

        The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.09 percent to 98.70.


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      Source: Capital Market



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