MUMBAI: The Indian rupee weakened further on Friday against a stronger dollar ahead of a speech by Federal Reserve Chair Jerome Powell, capping a volatile week for the Asian currency that has been pressured by US tariff-related uncertainties.
The currency closed 0.3% lower on Friday at 87.5300, against its close of 87.27 in the previous session. It was down 0.02% for the week.
The local unit, which opened at 87.4575 on Monday, saw sharp swings through the week due to domestic and geopolitical developments.
Talks between the US President Donald Trump and the Russian and Ukrainian presidents, coupled with the Indian government’s proposed tax cuts, pushed the rupee above the 87 handle for the first time this month on Tuesday.
However, concerns over tariffs on Indian goods, which are set to take effect on August 27, and importers’ demand for the greenback weighed on the currency on Thursday when it posted its biggest single-day decline in a month.