Published on 16/09/2020 9:07:18 AM | Source: IANS

Rupee weakens after initial appreciation

Posted in Currency Top News| #Rupee #US dollar #Currency News

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The Indian rupee depreciated on Tuesday afternoon after opening stronger against the US dollar.

It closed at 73.64 per dollar, 16 paise weaker than the previous close of 73.48 a dollar.

It appreciated during the initial trade and touched 73.31 earlier in the day.

The recent strength in the Indian currency has been largely on the back of the vaccine hopes for coronavirus and the foreign fund inflow, experts said.

Analysts said that the positive trend in the stock market also supported the rupee initially.

Anuj Gupta, DVP for Commodities and Currencies Research, said that it may soon test 72 per greenback.