Mumbai: The Indian rupee on Friday dropped to nearly three and a half week low to close at 61.62 against the Greenback, down 21 paise, on sustained dollar demand from importers ahead of a key US jobs report.
The renewed strength of dollar is keeping emerging market currencies under immense pressure, a forex dealer noted.
At the Interbank Foreign Exchange market (Forex), the domestic unit commenced lower at 61.52 a dollar as against Wednesday's close of 61.41 and moved in a range of 61.4875 and 61.6750.
It finished at 61.62, showing a loss of 21 paise, or 0.34 per cent. This is the weakest level for the rupee since 61.83 on October 16. "The USD/INR pair will take cues from the non farm payroll data scheduled for release later in the day," said India Forex Advisors.
Non-farm payroll figures out of Washington later Friday will give a better handle on the state of the US economy. Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1,030.85 crore on Wednesday, as per provisional data released by the stock exchanges.
The US Greenback surged to more than five-year high against major currencies. Meanwhile, the benchmark Sensex retreated from its record-breaking run and settled lower at 27,868.63, down 47.25 points or 0.17 per cent.
On a weekly basis, rupee has registered its second weekly loss in a row taking cues from the strong dollar. In the forwards market, premium continued its weak trend on presistent receipts from exporters.
The benchmark six-month premium payable in April declined to 212.5-214.5 paise from previous close of 218-220 paise. Far-forward contracts maturing in October, 2015 also fell to 422-424 paise from 431-433 paise.
The Reserve Bank of India fixed the reference rate for dollar at 61.5205 and for the Euro at 76.1562. The rupee recovered against the pound to 97.53 from previous closing level of 97.60 and also recouped to 76.40 per euro against 76.67.
It also rebounded to end at 53.50 per 100 Japanese yen from Wednesday's level of 53.65.
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