Mumbai: The Indian rupee depreciated against the US dollar on Thursday. The broad strength of the American currency in the overseas market, elevated crude oil prices and subdued macroeconomic data on the domestic front weighed upon the Indian currency.
At the interbank foreign exchange market, the local currency opened at 83.52 and lost further ground to trade at 83.54 against the US dollar, registering a loss of 6 paise from its previous closing level. On Wednesday, the rupee appreciated 11 paise to close at 83.48 against the US dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading at 104.78, higher by 0.14 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Wednesday, as they purchased shares worth Rs 426.63 crore.
Meanwhile, retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the Reserve Bank’s comfort zone of below 6 per cent, according to government data released on Wednesday.
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