For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Rupee opens weak at 60.22 against the dollar; crude prices weigh

|

Rupee opens weak at 60.22 against the dollar; crude prices weigh
INR
83.384United States Dollar
89.939Euro
After seeing the single biggest gain on Thursday and rising by 31 paise, the rupee once again dropped sharply on Friday to trade at 60.25 against the dollar. The currency had closed at 60.08 against the dollar on Thursday.

Dealers say ongoing worries in Iraq and elevated level of crude prices will continue to weigh on the rupee.

 

On Thursday the sharp rise in the rupee was attributed to dovish comments by the US Federal Reserve on hike in interest rate expectations in the US.

 

Meanwhile, crude oil showed no signs of falling with Brent Crude hovering around the $115 a barrel mark. Brent Crude has now rallied to the highest level seen since Sept 2013.

Should Crude oil continue to rally it could add to pressure on the rupee, since Crude accounts for the largest import bill of India, resulting in subsequent dollar outflows. Check rupee rates here

GoodReturns.in

Read more about: dollar
Story first published: Friday, June 20, 2014, 9:06 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X