Mumbai: The Indian rupee declined sharply against the US dollar against the US dollar in early trade on Thursday. The uptrend in the dollar index, persistent foreign fund outflows and US 10-year bond yields weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 85.69 then fell further to 85.75 against the American currency, registering a fall of 11 paise over its previous close. On Wednesday, the rupee settled flat at 85.64 against the US dollar. On December 27, the local currency touched its lifetime intraday low of 85.80 against the greenback.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 108.32, down 0.15 per cent.
Foreign Institutional Investors (FIIs) offloaded Rs 1,782.71 crore in the Indian capital markets on net basis on Wednesday. On the domestic macroeconomic front, the total gross Goods and Services Tax (GST) revenue grew 7.3 per cent to Rs 1.77 lakh crore in December as compared to Rs 1.65 lakh crore in the same month a year ago.
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