WEEKLY CURRENCY REPORT:INDIAN RUPEE (INR) EDGES LOWER BUT STILL SET FOR SOLID WEEKLY GAINS AGAINST US DOLLAR

On a weekly basis, the rupee appreciated 46 paise against the US dollar after a decline of 82 paise in last week. USD/INR touched low at 72.26 and high at 72.59. At the beginning of the week, Rupee started with weak note, down by 29 paise at Rs. 73.77 and ended 8 paise lower at 73.55 against the US dollar, weighed down by a spike in global crude oil prices and strengthening American currency. The Rupee ended 18 paise higher at 73.37 against the US dollar on Tuesday, supported by positive domestic equities amid improving risk appetite. The Rupee settled at 72.71 registering a rise of 66 paise on hopes that massive stimulus packages from governments, easy monetary policies from central banks and progress in vaccination programmes would boost economic growth on Wednesday. The rupee ended 11 lower on Thursday, weighed down by a rebound in the US dollar and muted domestic equities. On Friday Rupee settled at 73.02, registering a decline of 17 paise due to rising crude oil prices.