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Reliance Securities Report
The Indian rupee appreciated marginally on Friday’s lackluster trade, tracking weak U.S. dollar this Friday afternoon.
However, the currency depreciated against the U.S. currency this week, weighed down by broad dollar strength and the risk-off mood in Asia on continuing uncertainty over the U.S. fiscal stimulus package and lack of progress of the Covid-19 vaccine trials.
The rupee was at 73.34 to the dollar this Friday compared with 73.38 close on Thursday. The local unit fell 0.3% this week.
Asian currencies were mostly stronger this Friday and lent support to the domestic unit, with the offshore Chinese yuan appreciating by 0.25% against the U.S. dollar this Friday.
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