Reportedly the indian rupee furthered its losses for the second day, dropping 15 paise to close at 71.08 against the US dollar on friday amid strengthening of the American currency overseas and rising crude prices. Meanwhile at the interbank foreign exchange market, the rupee opened lower at 70.98 to the US dollar and lost further momentum to touch a low of 71.10.
Furthermore it finally settled the day at 71.08, showing a fall of 15 paise over its previous close. Perhaps during the week, the domestic unit lost 14 paise. Apparently global crude benchmark Brent was trading 0.51 per cent higher at USD 65 per barrel. Perhaps the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.17 per cent to 97.48.
Gaurang Somaiyaa, Forex and Bullion Analyst, Motilal oswal Financial services said "The greenback rose after data showed retail sales in the US picked in December. From the US, market participants will be keeping an eye on industrial production and housing numbers and better-than-expected number could extend gains for the dollar". Also he united states on wednesday signed the first phase of a trade deal with china, which President donald trump described as historic, concluding more than a year of tough negotiations between the two largest economies of the world.