Rupee falls 6 paise to 95.28 against US dollar in early trade
The rupee opened at 95.27 and fell to 95.28 against the dollar, down 6 paise from the previous close
The Indian rupee experienced a slight depreciation against the US dollar, trading at 95.28 in early trade on Friday, falling 6 paise from the previous close of 95.27, according to forex traders. The decline in the rupee's value was attributed to a stronger dollar, rising US treasury yields, and profit-taking following its previous appreciation.
The interbank foreign exchange market witnessed the rupee's opening at 95.27, which then rose to 95.28. On Thursday, the rupee saw a 14 paise depreciation, closing at 95.22 against the US dollar. Analysts predicted that the rupee might strengthen towards the 96.00-96.20 range in the near term, with global developments, especially oil prices and the dollar, remaining the primary drivers of the currency's movement.
The dollar index, which measures the greenback's strength against six other currencies, was up 0.02% at 99.95, while Brent crude oil prices surged 1.20% to $83.48 per barrel. The decline in equity markets, with the Sensex falling 235.36 points to 78,699.80 and the Nifty dropping 24.30 points to 24,608.25, was attributed to foreign institutional investors offloading equities worth ₹17.86 crore on Thursday.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written; read the original for the full account.
