Rupee slips 16 paise to 74.68 against U.S. dollar in early trade

 Rupee slips 16 paise to 74.68 against U.S. dollar in early trade

On Thursday, the rupee had closed at 74.52 against the U.S. dollar.

The Indian rupee depreciated by 16 paise to 74.68 against the U.S. dollar in opening trade on Friday, tracking the negative domestic equity market and a firm American dollar.

Further, unabated foreign fund outflows weighed on investor sentiment, traders said.

At the interbank foreign exchange, the rupee opened on a weak note at 74.60, then lost further ground and touched 74.68 against the American dollar, registering a decline of 16 paise from the last close.

On Thursday, the rupee had closed at 74.52 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.05% to 96.72.

Meanwhile, global oil benchmark Brent crude futures declined 2.26% to $80.36 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth ₹2,300.65 crore, as…

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