Rupee weaker on Iraq-led risk aversion

Tags: Rupee, News
The rupee is weaker at 60.23/24 versus its previous close of 60.07/09 as continued

RELATED ARTICLES

concerns over Iraq violence led to risk aversion.

The market is closely monitoring developments in Iraq. Brent crude went above $115 a barrel on Thursday as the United States said it would send military advisers to Iraq, raising concerns about the escalating conflict.

"There is nothing bigger than Iraq at the moment. It’s all safe haven buying," said Ashtosh Raina, head of forex trading at HDFC Bank.

The dollar remained under pressure on Friday but managed to win back some lost territory after upbeat U.S. data helped temper the fallout from the Federal Reserve's surprisingly dovish policy outlook.

The rupee is seen trading in a 60-60.50 range during the session.

Also, foreign institutional investors sold Indian shares worth a net 4.21 billion rupees ($70.52 million), provisional exchange data shows.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Signalling good times, current account deficit is likely to grow from here on

    The current account deficit (CAD) numbers for April-June quarter declined sharply to 1.7 per cent of GDP.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Disruptive innovation in education

The past two weeks had a fair share of interesting ...

Rajgopal Nidamboor

Regain the spirit of focused power

For aeons, the human race has been experimenting with a ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture