The rupee on Friday fell by 30 paise to end at one-month low level of Rs. 54.22 against the American currency on fag-end dollar demand from banks and importers, amid weakness in local stock market.
The rupee on Friday resumed marginally higher at Rs. 53.91 per dollar as against the last closing level of Rs. 53.92 at the Interbank Foreign Exchange (Forex) Market.
However, it fell to Rs. 54.24 a U.S. dollar on fag-end U.S. currency demand from banks and importers, before ending at one-month low of Rs. 54.22 -- a fall of 30 paise or 0.56 per cent.
This was the lowest closing since Rs. 54.39 on January 17.
The rupee hovered in a range of Rs. 53.85-54.24 per U.S. dollar during the day.
“The rupee was seen depreciating above 54 levels and it has breached our target of Rs. 54.20 as well. This is the second consecutive weak closing given by rupee on weekly basis,” said Abhishek Goenka, Founder & CEO, India Forex Advisors.
In London market, the yen rose on Friday as the Group of 20 struggled to find a common stance on recent currency moves, while fears over global growth hit shares and commodities.
Crude oil prices were mixed in volatile Asian trade today as weak economic growth in Europe offset data showing buoyant employment growth in the United States, analysts said.
Persistent capital inflows from foreign funds into equity market restricted the rupee’s fall, a forex dealer said.
Meanwhie, the Indian benchmark Sensex declined further by 29 points, or 0.15 per cent, to 19,468.15.