The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices.
This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.12 and fell further to touch the day’s low of 71.24.
The domestic currency, however, pared some losses and finally ended at 71.19 per dollar, down by 16 paise against its previous close. On Thursday, the rupee had settled 21 paise higher at 71.03 against the US dollar.