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Rupee weakens by 17 paise against US dollar in opening trade

Forex traders attributed the rupee's weakness to stronger US dollar against its key rival currencies.

By: PTI | Mumbai | July 10, 2020 11:17:33 am
rupee, indian rupee, rupee vs dollar, indian currency market Indian five hundred rupee banknotes are arranged for a photograph in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg

The Indian rupee dropped 17 paise to trade at 75.16 against the American currency in opening deals on Friday on emergence of demand for US dollar from importers and banks.

The local unit had closed at 74.99 a dollar on Thursday.

Forex traders attributed the rupee’s weakness to stronger US dollar against its key rival currencies.

The dollar index, which measures the American currency’s strength against a basket of major currencies, was at 96.8640, up 0.17 per cent.

Meanwhile, global crude oil benchmark Brent Futures declined 0.78 per cent to trade at USD 42.02 per barrel.

On the equity market front, Indian benchmark indices Sensex and Nifty were marginally lower in early trade.

Foreign investors bought equities worth Rs 212.77 crore on Thursday, exchange data showed.

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