Rupee closes at 79.8 versus dollar amid rise in crude oil, hawkish Fed view
The rupee weakened sharply against the dollar on Friday due to a hefty increase in crude oil prices and a fall in jobless claims data in the US that has strengthened the case for the Federal Reserve to raise interest rates amid an overheating economy, dealers said.
The domestic currency, however, logged its first weekly gain in four, as heavy overseas inflows in equities and a strong defence of the rupee by the Reserve Bank of India bolstered the local unit.
The rupee settled at 79.80 per US dollar on Friday as against 79.56 at the previous close. For the week, the rupee appreciated 0.1 per cent, displaying resilience against a strengthening greenback.
