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The rupee depreciated 17 paise to 82.75 against the US dollar in early trade on February 13, weighed down by a stronger American currency and a muted trend in domestic equities. Forex traders said, “Stronger crude prices further weighed on investor sentiments.”
At the interbank foreign exchange, the domestic unit opened weak at 82.68 against the dollar, then fell further to 82.75, registering a decline of 17 paise over its previous close. In the previous session on Friday, the rupee had closed at 82.58 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15% to 103.78. Global oil benchmark Brent crude futures fell 0.83% to $85.67 a barrel.
Forex traders said the rupee is likely to trade with a slight downside bias amid risk aversion in global markets. Besides, a sharp fall in crude oil prices and strengthening of the dollar on Fed’s dovish stance may also put pressure on the rupee.
In the domestic equity market, the 30-share BSE Sensex was trading 187.1 points or 0.31% lower at 60,495.60. The broader NSE Nifty closed 44.30 points, or 0.25%, down at 17,812.20.
Foreign institutional investors (FIIs) were net buyers in the capital market on Friday as they bought shares worth Rs 1,458.02 crore, according to exchange data.