The rupee depreciated 9 paise to 79.71 against the US dollar in opening trade on Friday, tracking the strength of the American currency in the overseas market and rising crude oil prices.
At the interbank foreign exchange, the rupee opened at 79.67 against the US dollar and lost further ground to 79.71, registering a decline of 9 paise over the last close.
On Thursday, the rupee depreciated by 37 paise to close at 79.62 against the US dollar.
According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the Indian rupee depreciated on Thursday, despite a fall in the dollar index and a rise in Asian currencies, amid heavy buying of the US dollar by the government, defence and oil companies.
"The demand may continue on Friday due to holidays in the next week. The range for the day is between 79.40 to 79.80," Bhansali said, adding that oil prices, however, are hovering near USD 100 per barrel, which is a matter of concern for the rupee and current account deficit (CAD).
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.11 per cent to 105.20.
Meanwhile, global oil benchmark Brent crude futures declined 0.48 per cent to USD 99.12 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 189.59 points or 0.32 per cent lower at 59,143.01 points, while the broader NSE Nifty was down 42.75 points or 0.24 per cent to 17,616.25.
Foreign institutional investors remained net buyers in the capital market on Thursday as they purchased shares worth Rs 2,298.08 crore, as per exchange data.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app