Mumbai: The Indian rupee dipped against the US dollar in early trade on Friday. As per forex traders, a firm American currency, higher crude oil prices overseas and massive outflow of foreign capital weighed upon the local currency.
At the interbank foreign exchange, the Indian rupee opened at 85.88 and moved up a tad to 85.87 against the US dollar in initial deals, trading with a loss of 1 paisa from its previous close. On Thursday, the Indian rupee settled with a gain of 5 paise at 85.86 against the US dollar, recovering from the steep decline of 17 paise in the preceding session.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.03 per cent higher at 109.03. The 10-year US bond yields also rose to 4.68 per cent. Foreign institutional investors (FIIs) offloaded Rs 7,170.87 crore in the Indian capital markets on a net basis on Thursday.
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