Rupee falls 12 paise to 82.96 against US dollar in early trade
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 103.43, higher by 0.07 per cent.
The rupee depreciated 12 paise to 82.96 against the US dollar in early trade on Friday, weighed down by a strong American currency and a negative trend in domestic equities.
Forex traders said foreign fund outflows and elevated crude oil prices in the international market also dented investors' sentiments.
According to interbank foreign exchange, the rupee opened at 82.95 against the dollar and touched a low of 82.96 in the initial trade, registering a fall of 12 paise over its previous close.
On Thursday, the rupee depreciated 3 paise to settle at 82.84 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 103.43, higher by 0.07 per cent.
Traders said the dollar has strengthened against majors due to elevated inflation print from the US. "Elevated inflation prints are causing the markets to price out rate cut bets," IFA Global Research Academy said in a research note.
Brent crude futures, the global oil benchmark, fell 0.18 per cent to USD 85.27 per barrel.
"... After the red hot inflation release, the rupee opened lower...And should remain in the range of 82.82 to 83.02 with exporters selling the dollars on all upticks," Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said.
On the domestic equity market, the 30-share BSE Sensex was trading 324.51 points, or 0.44 per cent, lower at 72,772.77 points. The broader NSE Nifty was down 103.85 points, or 0.47 per cent, to 22,042.80 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,356.29 crore, according to exchange data.
On the domestic macroeconomic front, wholesale inflation rate declined marginally to 0.2 per cent in February compared to 0.27 per cent in the preceding month.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
10:17 AM IST