Mumbai: Rupee weakened marginally in the Non-Deliverable Forward or the overseas markets Friday.
According to analysts, the trend may play out in the domestic currency spot market next week.
However, other important developments on the geo-political scale as well as direction of foreign fund flows will also determine the rupee’s trajectory in the spot market.
Around 12.45 p.m., rupee traded at around 70.10 per US dollar, against the previous close 70.01 per dollar. An earlier story had mistakenly given forward rates abroad as spot delivery price in domestic market.
The domestic spot currency market is closed Friday on account of the Parsi New Year. On Thursday, rupee had touched an all time low of 70.39-40 in the spot market and settled at a record closing low of 70.16 against the greenback.
Off late the Indian currency has been under pressure due to weakness in its global peers and higher trade deficit.
Globally, currencies revived on Friday after weakening for the last couple of day after the slump in the Turkish currency “Lira”.
The near-flat movement in the overseas currency market after significant decline lately also supported the sentiments in the Indian equity market Friday.