05-04-2024 12:18 PM | Source: Accord Fintech
Rupee weakens against US dollar on Friday

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Indian rupee weakened against US dollar on Friday amid firm crude oil prices and strong demand for the American currency from importers. Moreover, renewed geopolitical tensions in Europe and the Middle East and selling pressure from FIIs also weighed on the rupee. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,136.47 crore, exchange data showed. However, India's services sector witnessed one of the strongest growth rates in nearly 14 years in the month of March amid strong demand that spurred sales and business activities, a monthly survey said on Thursday. Traders took note of report that the Reserve Bank of India, as expected, kept the repo rate unchanged at 6.5 percent for the seventh straight time. The RBI also retained GDP growth forecast of 7% for 2024-25 financial year, with June quarter growth at 7%, and September quarter at 6.9%.

The partially convertible currency is currently trading at 83.41, weaker by 2 paise from its previous close of 83.39 on Thursday. The currency touched a high and low of 83.45 and 83.3750 respectively.