The rupee Thursday slumped 22 paise to 70.08 against the US dollar in early trade on rising global crude prices and fresh demand for the American currency from importers.
Shares of the world’s biggest online social network jumped more than 10 percent to $200.50 in after-hours trade. They have now regained much of the ground lost last year amid slowing growth and costs associated with the company’s privacy scandals.
The Redmond, Washington-based company beat Wall Street estimates for quarterly profit and revenue, powered by an unexpected boost in Windows revenue and brisk growth in its cloud business which has reached tens of billions of dollars in sales.
The currency was also buoyed on reports that India has lined up alternate sources to make up for likely shortfall in crude supplies, forex dealers said.
Forex dealers said, strengthening of the American currency in the overseas market weighed on the domestic currency.
The rupee on Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 69.04 then fell further to 69.24 against the US dollar, showing a decline of 32 paise over its previous closing.
The Congress on Tuesday cited a 'sting operation' to allege exchange of old notes post-demonetisation for hefty commissions by people claiming proximity to the government and the BJP, but the ruling party refuted the allegations and said it would take appropriate legal action.
Besides, strength in dollar against major rival currencies on stronger US payroll data and rising crude prices also kept pressure on the Indian rupee, dealers said.