The rupee opened at 74.33 against the dollar, then opened at 74.35, a fall of 12 paise against the previous close.
The Indian rupee closed 12 paise lower at 74.35 against the US dollar in early trade on Friday, tracking the strength of the US currency in the overseas market and a muted trend in domestic equities.
At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell to 74.35, registering a decline of 12 paise over the previous close.
on Thursday, The rupee had closed at 74.23 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% higher at 94.28.
Amid risk-off sentiments, stocks fall, FPIs sell and inflation rises, according to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
“USD-INR is expected to remain in the range of 74.10 to 74.50 for the day. Exporters are likely to place a stop loss of 74.10 and hold their positions or sell short positions on the next offtake and keep importers to buy dips. Or put a stop loss above 74.50,” said Mr. Bhansali.
On the domestic equity market front, the BSE Sensex was trading 469.12 points or 0.79% lower at 58,657.24, while the broader NSE Nifty was trading 136.55 points or 0.78% lower at 17,481.60.
Meanwhile, foreign institutional investors were net sellers in the capital markets on Thursday as they sold shares worth Rs 2,225.60 crore, according to exchange data.
Global oil benchmark Brent crude futures fell 0.20% to $78.15 a barrel.
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