Rupee Drops 14 Paise, Settles at 90.16 Per Dollar | India News

Rupee Weakens Against the Dollar

MUMBAI: The Indian rupee experienced a decline on Friday, closing at 90.16 per dollar. This represents a drop of 14 paise from its previous close, primarily due to a surge in dollar demand stemming from maturing offshore positions and corporate hedging.

Impact of Falling Equities

The decline in the rupee was compounded by falling equity markets. Although significant dollar demand was observed throughout the day, sporadic dollar sales near the lows helped to mitigate losses, creating a cautiously optimistic sentiment in the market.

Expert Insights

“The rupee weakened, pressured by weakness in domestic equity markets and continued foreign investor selling. Volatility in the dollar index, driven by key US economic data, has further weighed on the currency,” commented Jateen Trivedi of LKP Securities.