Equity Service- Indian rupee opens marginally higher at 71.95 per dollar

Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.

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The Indian rupee opened marginally higher at 71.95 per dollar on Friday versus 71.99 Thursday.

Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.

The rupee depreciated by about 13 percent so far this year, 5 percent in last one month and 3 percent in last seven straight sessions. It has fallen from 70 to 72 a dollar in 21 sessions.

The consistent dollar demand pulled the currency down to an all-time low against the greenback, but it managed to get some support from a supply of dollar by Reserve Bank of India. Also, stability in currencies of emerging markets like the Argentinian peso and Turkish lira helped the recovery.

Deepak Jasani, Head – Retail Research at HDFC Securities said, “Going by the current momentum, levels of 72.50 look likely in the next few days before the RBI signals its unease with the speed of the fall.”

“With GDP going beyond 8 percent, the pressure on rupee should get reduced. We do not see rupee going down below Rs 73 soon…

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