Currency Buzz: INR Snaps Three-Day Losing Streak

28 Jan 2022 , 05:50 PM

The Indian rupee snapped its three-day losing streak to close 5 paise higher at 75.04 (provisional) against the US dollar on Friday amid expectation of better dollar inflows from upcoming IPOs. Meanwhile, build up to the upcoming budget session would be the key event that the market would be looking for. However, the rebound in the rupee was restricted amid weakness in domestic equities. Besides, geopolitical tensions, elevated crude oil prices and hawkish US Fed stance also weighed on the local unit. At the interbank foreign exchange market, the rupee opened at 75.12 a dollar and witnessed an intra-day high of 74.88 and a low of 75.13. The domestic unit finally settled at 75.04 (provisional) against the American currency, up 5 paise over its last close of 75.09.

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