The rupee fell 14 paise to 82.76 vs the US dollar in early trade on Friday, as weak Asian rivals and the strength of the US currency in the offshore market impacted on investor mood. The local unit slipped to 82.76 in early activity on the interbank foreign exchange, down 14 paise from its previous close. The rupee closed at 82.62 versus the dollar on Thursday. The rupee began lower against the greenback on Friday morning, as the hawkish Fed maintained its support for the greenback. According to Sriram Iyer, Senior Research Analyst- Commodities & Currencies Reliance Securities, the weak Chinese Yuan has also dragged on sentiments.
However, Iyer noted that prospects of a debt-ceiling agreement and the presence of the Reserve Bank of India could limit losses for the local entity. The dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.04 percent to 103.54. Brent crude futures increased 0.83 percent to USD 76.49 per barrel, the global oil benchmark. The 30-share BSE Sensex was trading 30.31 points, or 0.05 percent, lower at 61,401.43 in the domestic equity market. The NSE Nifty fell 8.75 points, or 0.05 percent, to 18,121.20. According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital markets on Thursday, purchasing shares worth Rs 970.18 crore.
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