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Reliance Securities Report
The Indian rupee appreciated on Friday tracking gains in the Asian currencies and equities amid riskon sentiments and marginally weaker U.S. dollar.
The local unit took support after report emerged that Democrats are preparing a new fiscal plan of over 2 trillion dollar, aiming to resume stalled negotiations with the Republicans.
The rupee was quoted at 73.61 to the dollar this Friday compared with 73.90 close on Thursday.
However, for the week the currency was weak against the U.S. currency tracking its regional counterparts as risk aversion triggered by rising concerns about a quick global economic recovery due to re-emergence of covid-19 infections.
For the week, the local unit depreciated by 0.2%, after appreciating 0.1% last week. The Korean won and the Chinese yuan fell 0.7% each this week on the back of a strong dollar.
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