USD/INR: Rupee Extends Losses; Further Depreciation Likely

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USD/INR: Rupee Extends Losses; Further Depreciation Likely

The Indian rupee opened on a weaker note, depreciating by 5 paise against the US dollar in early morning trade Thursday as higher oil prices and a stronger greenback continued to pressurise the battered Asian currency.

The dollar to rupee conversion today rose to 74.375 against the U.S. currency, up from Wednesday’s close of 74.325. The rupee has lost over 170 paise so far this month and weakened over 14 paise in the last four trading sessions.

“The rupee weakened further against the US dollar and closed at 74.32 levels, down 10 paise. A sharp sell-off in domestic equities can be attributed to the fall. The dollar found support Wednesday on quarter-end demand along with safe-haven demand from the spread of the dangerous Delta COVID-19 variant throughout the world. The dollar extended its gains on Wednesday on mostly better-than-expected US economic data,” noted analysts at ICICI Direct.

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