Weekly

Weekly Currency Market Outlook:


The Rupee closed weaker on Friday:
The Rupee closed slightly weaker even as the dollar US unit fell to a one-month low on Thursday after data showed that economic recovery is still some time away, in line with the outcome of the US Federal Open Market Committee's meeting on Wednesday. US Federal Reserve Chair Jerome Powell said that there was still time for the labour market in the US to recover before the Fed begins to withdraw its massive $120-bln stimulus. Foreign banks in India are expected to sell the US currency likely for overseas inflows into Rolex Rings' ongoing initial public offer, which could support the rupee.

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