India
The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent on Thursday, marking its third straight session of losses
Mumbai: The rupee recovered 6 paise to 73.52 against the US dollar at the forex market on Friday ahead of the RBI's monetary policy outcome amid fresh selling by exporters as the government stepped in to reduce oil prices.
The rupee was supported by the fresh selling of the US dollar by exporters and the greenback's weakness against some currencies overseas.
The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent on Thursday, marking its third straight session of losses.
Meanwhile, the benchmark BSE Sensex dropped by 231.16 points, or 0.66 per cent, to 34,938 in opening trade.
Yesterday, Rupee touched record low of 73.81 per dollar, ended down 24 paise versus Wednesday's close 73.34 per dollar. Rupee is under pressure owing to the strength in the dollar and surge in global crude oil prices.
Experts feel surge in global crude oil prices and weakness in the rupee could push the officials to raise interest rates by the Reserve Bank of India. It is crucial to note whether the central bank will raise its inflation forecast for the latter half of the year.
On Thursday, Congress President Rahul Gandhi criticised the government for not doing much for the falling rupee. He said on Twitter: Rupee slips to 73.77. It's not breaking - it's broken," Gandhi said on Twitter. On Wednesday, he asked why PM Narendra Modi was silent over the falling value of the Rupee.
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