Rupee edged 0.3 percent (53 paisas) lower for the second consecutive week against the US dollar, with a near-term stable outlook. The local unit depreciated 0.1 percent (17 paisas) against the US dollar in the preceding week.
Over-all, the rupee struggled in seven out of eight last weeks on a week-on-week basis against the US dollar. The rupee slipped from 176.24 to 176.77 against the American currency last week.
The local unit has been struggling against the dollar since December last; however, it has put a brake on its free-fall spree that was witnessed in preceding months. The rupee started last week on the back foot and depreciated on the first three days of the week.
It devalued by 25 paisas (-0.14 percent) on Monday, 23 paisas (-0.13 percent) on Tuesday, and 26 paisas (-0.15 percent) on Wednesday. The lowest level of the rupee against the dollar during the week under review was recorded at 176.98 on Wednesday.—TLTP
