The global uncertainties and domestic weakness owing to the Supreme Court court ruling against the telecom companies dragged the currency down against the US dollar on Friday.
On Friday, Indian rupee lowered against the Greenback, reacting to the weak opening in the Indian stocks led by telecom as well as banking stocks post the Supreme Court dismissed the appeals of the telecom majors. The Rupee touched a high and low of 71.00 and 70.94, respectively.
The telecom companies had earlier asked the Supreme Court to review the recovery of past Adjusted Gross Revenue AGR dues for Rs1.47-Cr.
Further, a rise in crude oil prices and foreign fund outflows made another factor that weighed on the domestic currency.
Crude oil price declined on Friday morning even though the US Energy Info Admn (EIA) confirmed a major decline in US stockpiles. US Crude Oil WTI Futures declined 58.51-dollar/bbl, while International Brent Oil Futures slipped.17% to 64.57-dollar/bbl. To avail the best Stock trading tips and the all-time top commodity tips from our experts.
The Foreign Institutional Investors were the net sellers who sold shares in value Rs395.24-crore on Thursday.
At 2.20-pm, the Sensex scaled at 41969, up 27 points while the Nifty50 stood at 12353, higher by just 2 points in trade.