Mumbai: The Indian rupee slipped against the the US dollar in early trade on Friday. The weakening American currency failed to support the local currency amid negative domestic equity markets and higher crude oil prices. As per forex traders, the sustained outflow of foreign funds also weighed on the domestic currency.
At the interbank foreign exchange, the Indian rupee opened flat at 84.06 against the American currency and lost further to 84.07, trading 1 paisa lower from its previous close. On Thursday, the Indian rupee weakened by 4 paise to close at 84.06 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 down by 0.11 per cent to 103.53 points. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Thursday, as they offloaded shares worth Rs 7,421.40 crore, according to exchange data.
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