Posted by MUMBAI, Feb 19 (www.GoldTradingCalls.com ) The Indian rupee fell to its lowest in more than a week on Friday after the USD climbed following the Federal Reserve’s lending rate, but still notched gains for the week.
The partially convertible Indian rupee ended at INR 46.30/31 per USD, after hitting INR 46.48, its lowest since Feb 11. It had closed at INR 46.27/28 on Thursday. For the week, however, it rose about 0.4 per cent.
The US dollar’s rise led to demand from importers. The expected pressure on the Indian rupee to remain when trading resumes on Monday.
The USD index against six major was up about 1 per cent.
A fall in local share prices also weighed on sentiment. The benchmark BSE India Sensex share index fell 0.8 per cent, tracking global stock markets which tumbled following Fed’s move.
One-month offshore non-deliverable forward contracts ended at INR 46.35/39, slightly weaker than the onshore spot rate.
In the currency futures market, the most traded near-month USD-INR contracts on the National Stock Exchange and MCX-SX were at INR 46.3275 and INR 46.3175 respectively.
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