The rupee decreases 12 paise to 79.76 against the U.S. dollar

Indian rupee decreased 12 paise to 79.76 against the U.S. dollar in early trade on Friday, tracking the strength of the American currency in the global market. At the interbank external exchange, the rupee opened at 79.75 against the U.S. dollar, then decline to 79.76, entering a decline of 12 paise over the previous close. On Thursday, the rupee decreased by 19 paise to close at 79.64 against the U.S. dollar.

The dollar index, which leads the greenback’s strength against a basket of six currencies, rises 0.13 % to 107.62. Meanwhile, global oil benchmark Brent crude futures fell 0.37 % to USD 96.23 per barrel.

The rupee started weaker on Friday after the dollar index touched a one-month high following statement from U.S. Federal Reserve officials over the amount of rate stroll, said Sriram Iyer, Senior Research Analyst at Reliance Securities. Supports for the USD/INR spot pair are at 79.60 and 79.50 and Resistances are at 79.80 and 79.90. A break above the Resistances will push the pair to 80.15 levels, Iyer said.

“The rupee could also track the weakness in Asian and emerging market peers led by a decline in the coastal Chinese Yuan,” Iyer said. In addition, strong importers demand dollars and speculative buying of dollars could also weigh on the domestic unit.” he added.

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