The rupee dived 14 paise to close at 69.58 against the US dollar Friday, pressured by firming crude oil prices amid intensifying geopolitical tensions in the Gulf region.
A broad sell-off in the domestic equity markets also kept sentiment at a low ebb, forex traders said.
At the interbank foreign exchange (forex) market, the domestic currency opened sharply lower at 69.75 against the dollar. However, it recouped some losses to finish at 69.58, registering a fall of 14 paise.
The rupee had settled at 69.44 against the US dollar Thursday.
“Overnight surge in crude oil prices have weighed on Indian rupee as it weakened the most among Asian currencies. The geopolitical risks from escalation of US-Iran tension pushed crude oil price higher.
“In near-term, rupee is having resistance around 69.03 and support at 70.01, the 100 days simple moving average,” said V K Sharma, Head — PCG and Capital Market Strategy, HDFC Securities.
