New Delhi : The Indian rupee declined by 1 paisa to reach 84.07 against the US dollar in early trading on Friday, as the falling US dollar did not help the local currency due to negative domestic stock markets and increased crude oil costs. Foreign exchange experts stated that the continuous flow of foreign funds out of the country also impacted the local currency.
During interbank foreign exchange, the rupee started unchanged at 84.06 against the greenback before dropping to 84.07, trading 1 paisa less than before. The Indian rupee lost 4 paise on Thursday and ended the day at 84.06 against the US dollar. At the same time, the dollar index, which measures the strength of the US dollar against a group of six currencies, decreased by 0.11 percent to 103.53 points. The decreasing reserve ratio mandated by the Chinese central bank is projected to provide additional support to the world's second biggest economy, resulting in a lower dollar index.
Market Update: Brent Crude Rises Amid Ongoing Stock Declines and FII Selling
In futures trading, the international benchmark Brent crude rose by 0.21 percent to reach USD 74.61 per barrel. On the home stock market, the Sensex dropped 372.10 points, representing a 0.46 pc decrease, reaching 80,634.51 points. The Nifty experienced a decline of 116.70 points, equivalent to 0.47 per cent, ending at 24,633.15 points. According to data from the exchange, FIIs were net sellers in the capital markets on Thursday, selling shares worth Rs 7,421.40 crore.
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