WEEKLY CURRENCY MARKET 16th - 20th SEP 2019

The rupee closed 40 paise higher against the dollar (INR Vs USD) on Friday, and finished the week on a flat note . Last week, the domestic currency, appreciated 82 paise or 1.14% to the US dollar. Rupee opened on an extremely weak note at 71.62 , lower by 69 paise against the dollar on Monday and settled lower by 67 paise at 71.60 against dollar on the news of the drone attack on Saudi oil fields. The rupee settled lower by 16 paise at 71.77 against dollar on Tuesday on account of buying in American currency by banks and importers. On Wednesday, The rupee closed 54 paise higher at 71.24 against the US dollar as oil prices eased after Saudi Arabia’s energy minister said the kingdom will restore lost oil production by the end of the month. The domestic currency witnessed heavy volatility in early trade after the US Federal Reserve cut its benchmark interest rate that the reason The rupee closed 8 paise lower at 71.33 against the US dollar on Thursday. The rupee strengthened against the US dollar on Friday after Finance Minister Nirmala Sitharaman announced a slew of measures to boosting the economy. The effective rate will be 25.17 per cent, including surcharges and cess. The rate of Minimum Alternative Tax (MAT) has been reduced from 18.5 per cent to 15 per cent.