Extending its slide for the eighth straight day, the rupee shed another 24 paise to 65.34 against the dollar in early trade today
The Indian rupee recovered from initial losses against the American currency quoting at 65.15 on Friday on fresh selling of dollars by banks and exporters on the back of smart recovery in the equity market.
The rupee resumed lower at 65.19 as against Thursday’s closing level of 65.10 and dropped further to 65.34 on initial dollar demand from banks and importers in view of a firm dollar in the overseas market.
However, it recovered from initial losses to 65.05 before quoting at 65.15 at 1218 hours. It moved in a range of 65.05 and 65.34.
Overseas, the dollar edged higher on Thursday, extending its gains earlier in the session and snapping a six-session losing streak against the euro after a spate of strong economic data in the US.
Oil prices looked set for their seventh weekly fall in Asia today, with US crude tumbling to fresh six-year lows as investors are worried a global supply glut is set to last.
US benchmark West Texas Intermediate (WTI) for September delivery dropped 17 cents to $42.06 in late-morning trade after falling below $42 a barrel earlier in the session, the lowest since March 2009.