Mumbai: The Indian rupee depreciated against the American currency in early trade on Friday. As per forex traders, speculation of an RBI rate cut in the upcoming MPC meeting, fuelled by softening food and energy prices, is also weighing on the Indian currency.
At the interbank foreign exchange, the domestic currency opened at 85.95 and fell to 86.10 against the US dollar, registering a loss of 15 paise over its previous close. On Thursday, the rupee depreciated 36 paise to close at 85.95 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.30 per cent at 99.65. Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 5,045.36 crore on a net basis on Thursday.
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