Rupee continues under pressure
View(s):The US dollar was trading at Rs. 175.40 on Friday, up by 50 cents from Thursday’s rate as seasonal demand and an unpredictable political situation dominated market sentiment.
“No one knows what is going to happen. We are assessing the situation day by day,” said one money market trader.
Seasonal demand, imports ahead of the Christmas season, was largely responsible for the dollar advancing against the rupee but pressure on the rupee also came from stock market outflows by foreigners, who were converting their rupees to dollars.
Prices at the stock market were largely on the lower side this week, amidst uncertainty ahead of a crucial session of Parliament on November 14.