Rupee little changed this week as oil-fueled declines wipe out early gains

What happened: The rupee opened marginally higher at 94.79 against the US dollar, hit a low of 94.9725, and ended 0.1% lower at 94.9400. It was little changed for the week after rising 1.4% last week. Key numbers: Daily loss 0.1%, Thursday depreciation 0.4%, prior week gain 1.4%, low 94.9725, six-week high 94.30, Why it matters: Oil worries outweighed relief from lower Fed cut expectations, and importers stepped up dollar purchases. Apoorva Javadekar of Shriram Research said RBI FX measures are short-term stabilizers, insufficient to alter the medium-term bearish outlook on the rupee.

The rupee opened marginally higher at 94.79 against the US dollar, hit a low of 94.9725, and ended 0.1% lower at 94.9400. It was little changed for the week after rising 1.4% last week.

Oil worries outweighed relief from lower Fed cut expectations, and importers stepped up dollar purchases. Apoorva Javadekar of Shriram Research said RBI FX measures are short-term stabilizers, insufficient to alter the medium-term bearish outlook on the rupee.