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Rupee Weakens Amid Dollar Demand
17 Jul
Summary
- Indian rupee closed at 96.35, nine paise weaker.
- Consistent dollar demand pressured the currency's value.
- RBI intervention prevented further depreciation below 96.38.
The Indian rupee experienced a modest weakening on Thursday, concluding the trading session at 96.35 against the US dollar. This represented a depreciation of nine paise from its previous closing value of 96.26.
The consistent demand for dollars played a significant role in exerting downward pressure on the rupee. During intraday trading, the rupee reached a low of 96.38 per dollar. At this level, intervention by the Reserve Bank of India (RBI) was crucial in containing further losses and preventing steeper depreciation.
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