WEEKLY CURRENCY MARKET 29th JULY - 2nd AUG 2019

During the current week, Rupee dived 69 paise or 1 per cent against US dollar. Last week, the rupee depreciated 8 paise or 0.11 per cent at 68.89 against US dollar. USD/INR touched weekly low of 68.67 and high of 69.67. On Monday, The rupee opened 4 paise lower at 68.94 against the US dollar and closed 17 paise higher at 68.73 as market participants were awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31 along with easing crude oil prices. The rupee closed 11 paise lower at 68.85 against the dollar on Tuesday amid sustained foreign fund outflows and rising crude oil prices. On Wednesday, The rupee opened 3 paise lower at 68.89 against the US dollar on Wednesday and closed 8 paise higher at 68.78 against the dollar amid uncertainty ahead of the outcome of US Federal Reserve meeting. On Thursday, The rupee closed 26 paise lower at 69.05 against the dollar as the US Federal Reserve poured cold water on market expectations of a lengthy easing cycle following a 25 basis-point rate cut. On Friday, The rupee closed 52 paise lower at 69.58 against the dollar on account sustained buying of the American currency by banks and importers amid heavy selling in domestic equities.