Mumbai: The Indian rupee depreciated against the US dollar in early trade on Friday (January 3, 2024). As per forex traders, the Indian currency was weighed down by the strength of the American currency in the overseas market and a muted trend in domestic equities.
At the interbank foreign exchange, the Indian rupee opened at 85.77 then fell further to 85.78 against the American currency, registering a decline of 3 paise over its previous close. On Thursday, the rupee depreciated 11 paise to close at a record low of 85.75 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 109.19, down 0.19 per cent. Foreign Institutional Investors (FIIs) purchased Rs 1,506.75 crore in the Indian capital markets on net basis on Thursday.
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