Indian Rupee Weakens For Third Session Against The U.S. Dollar
In the span of three days, the currency has lost 60 paise.
The Indian rupee weakened against the U.S. dollar for the third straight session.
The currency opened at 79.79, which was 0.13% lower than Thursday's close. It fell as much as 0.21% to 79.86 during the course of the day.
But the rupee pared losses and ended at 79.74, only 3 paise off the day's high.
It has lost 60 paise in the last three sessions.
Wall Street, coupled with Asian indices, trading in the bearish territory could induce the bearish sentiments in rupee, according to Ritesh Bhansali of Mecklai Financial.
Fitch's India outlook cut, a rising dollar and a weak global outlook could see the rupee trade in the range of 79.6-80. "Exporters are advised to initiate coverage of long-term hedges around the levels of 79.80 levels and beyond in tranches. Importers are advised to wait at current levels and look for more opportune levels to cover their immediate and short term payments."