Rupee slips to 94.24 as crude edges up to $95

Mumbai: The rupee weakened for the second day after multiple days of strengthening to close at 94.24 on Friday, versus its previous close of 94.04, as oil prices edged up to $95 per barrel, from around $92 levels a day ago. While foreign portfolio investors are buying from Indian equities and there is a general positive bias in the currency, oil prices remain a key variable, traders said.

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The currency traded in the range of 94.28 and 94.03. "Rupee was under pressure since morning, with a high inflation number and increasing oil prices. 94.30 acts as a key resistance level, and if that level is crossed, then further weakness would be seen. Otherwise, the bias is still tilted towards appreciation," said Dilip Parmar, currency research analyst, HDFC Securities.


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