Daijiworld Media Network - Mumbai
Mumbai, Apr 10: The Indian rupee depreciated by 17 paise to close at 92.68 against the US dollar on Friday, weighed down by sustained demand for the greenback and volatility in global markets.
Forex traders said the weakness in the domestic currency was largely driven by a firm US dollar overseas and rising crude oil prices, which increased import costs and exerted pressure on the rupee. Muted sentiment in the domestic equity markets also contributed to the decline.
During the trading session, the rupee witnessed fluctuations but largely remained under pressure due to external factors. However, some support was seen from intermittent foreign fund inflows, which helped limit the fall to some extent.
Market participants are now closely monitoring global economic cues and crude oil price movements, which are expected to influence the rupee’s trajectory in the near term.