Indian Rupee has depreciated by 28 paise against the dollar. Imported scrap and coal trades are likely to get affected in short-term.
Indian currency, Rupee, has depreciated to the level of 64.10 per USD in early trade at the Interbank Foreign Exchange on capital outflows by foreign funds. The weakening of the currency by 28 paise is supported by strengthening of the dollar against other overseas.
However in trade on Friday, the rupee had appreciated by 25 paise to 63.75 per USD amid fresh selling of the greenback by banks and exporters in view of foreign capital inflows.
Indian currency since the starting of this year, has come down by 1.65%. The continuous depreciation in the rupee is likely to affect imported scrap and coal trades in near-term. Currently, imported scrap offers are in the range USD 270-275/MT; down USD 5/MT W-o-W and South African coal RB-II offers are USD 64/MT, CFR India.
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