NEW DELHI: The rupee on Friday opened 25 paise lower at 67.87 against the US dollar on Friday. The domestic currency on Thursday withstood the headwinds of current account deficit (CAD) worries and a hawkish Federal Reserve rate hike to close higher by 3 paise at 67.62, cutting short its two-day decline. Consistent widening of CAD, rising inflation worries accompanied by heavy portfolio outflows kept the forex market sentiment shaky, PTI reported. The CAD jumped over three times to $48.7 billion or 1.9 per cent of the GDP in FY2017-18 from $14.4 billion or 0.6 per cent in the previous year, according to an RBI report. "RBI's report on CAD along with Fed's hawkish comments kept the Indian rupee under pressure. Fluctuating oil prices and FIIs continuing to give a cold shoulder to the equities also dampened the mood of the currency," Anand James, Chief Market Strategist at Geojit Financial Services said on Thursday. On the global front, Asian shares wobbled on Friday as investors braced for US tariffs against China, while the euro flirted with two-week lows after a cautious European Central Bank indicated it would not raise interest rates for some time, Reuters reported.
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Source: https://economictimes.indiatimes.com/markets/forex/rupee-in-free-fall-plunges-25-paise-against-dollar/articleshow/64596425.cms
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