Mumbai: The Indian rupee depreciated against the American currency in early trade on Wednesday. As per forex traders, market sentiment soured under pressure from rising US Treasury yields and persistent foreign fund outflows. The global crude oil prices intensified the downside pressure on the USD/INR pair.
At the interbank foreign exchange, the domestic currency opened at 85.65 and fell to 85.67 against the US dollar, registering a loss of 9 paise over its previous close.On Tuesday, the rupee depreciated 16 paise to close at 85.58 against the US dollar.
Also Read: 4 children killed, 38 injured as suicide bomb hits school bus in Pakistan
Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 10,016.10 crore on a net basis on Tuesday. Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.47 per cent at 99.65, on poor fiscal prudence and weak economic outlook.
Post Your Comments