The Indian currency faced downward pressure as negative sentiments in both domestic and global equity markets persisted. In early trade on Friday, the rupee depreciated by 8 paise to 82.05 against the U.S. dollar, following the strength of the American currency and the withdrawal of foreign funds from domestic equities.
Forex traders mentioned that the decline in the Indian currency was mitigated by a drop in crude prices below $75 per barrel. Starting weak at 82.05 against the greenback at the interbank foreign exchange, the rupee fluctuated within the range of 82.07-82.04. Ultimately, it settled at 82.05 against the dollar, marking an 8 paise decline compared to its previous close.
The rupee concluded Thursday's trading session at 81.97 against the dollar.
Simultaneously, the dollar index, which measures the strength of the U.S. dollar against a basket of six currencies, rose by 0.20% to reach 102.59.
Brent crude, the benchmark for crude oil prices, experienced a decline of 0.69% and was trading at $73.63 per barrel.
In the domestic stock market, the 30-share BSE Sensex witnessed a decrease of 194.96 points or 0.31%, settling at 63,043.93. Similarly, the broader NSE Nifty declined by 70.45 points or 0.36% and closed at 18,700.80.
According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, selling shares worth ?693.28 crore.
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