The Rupee Fell by 20 Paise to 74.75 Against the US Dollar in Early Trade

The Indian rupee closed 20 paise lower at 74.75 against the US dollar in early trade on Friday and rise in crude oil prices weighed on investor sentiment.

At the interbank forex, the rupee opened at 74.71 against the dollar, then fell to 74.75, registering a decline of 20 paise over its previous close.

On Thursday, the rupee had closed at 74.55 against the US dollar.

Reliance Securities said in a research note that the Indian rupee started on a weak note this Friday against the greenback tracking the strength of the greenback and firming crude oil prices.

Besides, Asian currencies have started weakening against the greenback this Friday morning and may weigh on the local unit as well, the note said.

Global oil benchmark Brent crude futures fell 0.05 per cent to $75.80 a barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.04 per cent at 92.56.

On the domestic equity market front, the BSE Sensex was trading 14.5 points or 0.03 per cent higher at 52,333.10, while the broader NSE Nifty was trading 3.30 points or 0.02 per cent higher at 15,683.30.

Foreign institutional investors were net sellers in the capital markets on Thursday as they sold shares worth Rs 1,245.29 crore, according to exchange data

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