Rupee falls 8 paise to 82.68 against US dollar

The value of the rupee fell 8 pounds to 82.68 against the US dollar in early trading on Friday amid a muted trend in local stocks and rising crude oil prices.

However, continued foreign money inflows supported domestic unity and contained the decline.

In the interbank foreign exchange market, the local unit opened at 82.68, recording a decrease of EGP 8 from its last close.

On Thursday, the rupee settled at 82.60 against the dollar.

Forex traders said participants remained bullish on the dollar due to risk aversion and growing expectations of a tightening monetary policy by the US Federal Reserve.

Moreover, higher crude oil prices affected the local unit.

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.04 percent to 103.12.

Brent crude futures, the global oil benchmark, rose 0.29 percent to $76.74 a barrel.

On the local stock market, the 30-share BSE Sensex was trading down 47.47 points, or 0.07 percent, at 65,738.17. The broader NSE Nifty index fell 18.40 points, or 0.09 percent, to 19,478.90.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday buying shares worth Rs 2,641.05 crore, according to exchange data.