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Rupee slips 12 paise to 77.62 against US dollar in early trade

Rupee slips 12 paise to 77.62 against US dollar in early trade

Mumbai: The rupee on Thursday fell against the US dollar in early trade. This came after the rupee had recovered from its record low to close 21 paise higher at 77.50 against the American currency on Wednesday.

At the interbank foreign exchange, the rupee opened at 77.61 against the American dollar, then lost ground to quote at 77.62, registering a fall of 12 paise from the last close.

The Indian rupee opened weaker against the dollar on Thursday, weighed down by a recovery in the US dollar and strengthening bond yields, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

However, a sell-off in the crude oil prices on Thursday morning could cap the depreciation bias, Iyer noted.

Global oil benchmark Brent crude futures fell 1.57 percent to $114.46 per barrel.

Moreover, Asian and emerging market peers were weaker on Thursday morning and could weigh on sentiments, Iyer said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 percent higher at 102.55.

On the domestic equity market front, the 30-share Sensex was trading 87.97 points or 0.16 percent lower at 55,293.20, while the broader NSE Nifty declined 36.80 points or 0.22 percent to 16,485.95.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth ₹ 1,930.16 crores, as per stock exchange data.

Meanwhile, share markets on Thursday opened flat. Both key equity indexes were gyrating in volatility. The Sensex was up by 0.004 per cent or 2.57 points at 55,383.74 and the Nifty fell 0.11 per cent or 18.75 points at 16,504.00.

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TAGS:Indian rupee us dollar 
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