WEEKLY CURRENCY REPORT: INDIAN RUPEE ENDS THE WEEK 0.04% HIGHER AGAINST US DOLLAR

On a weekly basis, the rupee appreciated 3 paise at 72.50 against the US dollar. USD/INR touched low at 72.26 and high at 72.70. Rupee opened higher at 72.48 and closed at 72.37 against the American currency registering a rise of 15 paise on Monday owing to a weak dollar against other world currencies amid weak equity market. The Rupee opened flat at 72.37 and gave up all its intra-day gains to close at 72.42, registering a decline of 4 paise on Tuesday in line with weakness in other peers against the American currency. The rupee closed at 72.56, registering a decline of 12 paise on Wednesday, weighed down by a massive selloff in domestic equities and spike in global crude oil prices. Besides, strengthening American currency in the overseas market amid foreign fund outflows also impacted the domestic unit. The Indian rupee fell by 5 paise to close at 72.62 against the US dollar on Thursday amid concerns over surging coronavirus cases in India and some other parts of the world. Recovering from losses due to subdued domestic equities, the rupee snapped its three-day losing streak and gained 12 paise against the US dollar on Friday, to settle at 72.50.