Mumbai, July 16: The rupee depreciated for the fourth straight day, shedding 17 paise to settle at 96.42 against the USD as volatile crude oil prices worsened the country’s balance-of-payment challenges amid rising import bills.
According to forex traders, elevated dollar index following fresh tensions in West Asia also fuelled the outflow of foreign capital from domestic equity markets, weighing on the local currency.
At the interbank foreign exchange, the rupee opened at 96.28 against the greenback and traded in a range of 96.22-96.42 during the session. It settled at 96.42, down 17 paise from its previous close. (PTI)
