The Indian rupee drove toward marking its largest weekly loss against the world's reserve currency on Friday as importers increasingly purchased the dollar as April pushed toward closure, according to Bloomberg.
Though the currency marked losses, it marked its best rally thus far in April on Friday. Financial markets were closed on Thursday in Mumbai during parliamentary elections.
"If that (overseas investment) keeps coming, the rupee remains stable … the moment that money doesn't come in, the rupee comes under pressure," currency expert AV Rajwade told NDTV on Friday. "Instead of exporting the goods and services, we have exported our exchange rates to scores of fund managers outside India."
The rupee edged down 0.7 percent this week against the greenback, enduring losses for a fourth-straight week. The losses as the trade week closed mark the monetary unit's sharpest since the end of January.
The rupee is forecast to perform in a somewhat stable manner through the middle of next month, when government officials are slated to disclose election results and what type of government administration will be empowered, NDTV reports.
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