Rupee weakens 14 paise, closes at 90.16 against dollar

MUMBAI: The rupee weakened on Friday due to dollar demand from maturing offshore positions and corporate hedging. It closed at 90.16 per dollar, 14 paise down from its previous close. Falling equities added to the pressure. Elevated dollar demand weighed intraday, though sporadic dollar sales near the lows capped losses and kept sentiment cautious.

“The rupee weakened, pressured by weakness in domestic equity markets and continued foreign investor selling. Volatility in the dollar index, driven by key US economic data, has further weighed on the currency,” said Jateen Trivedi of LKP Securities.



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