Rupee declines by 54 paise, hits 71 against US dollar

The greenback has been strengthening from the start of this week ever since global crude oil prices increased.

Published: 06th December 2018 10:12 AM  |   Last Updated: 06th December 2018 10:12 AM   |  A+A-

Rupee notes, Indian currency

File Photo of an attendant at a fuel station arranging Indian rupee notes (Photo | Reuters)

By PTI

MUMBAI: The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market.

Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, then fell further to 71 against the American currency, down 54 paise over it's previous closing price.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.

Meanwhile, the 30-share Sensex was trading 347.53 points, or 0.97 per cent, lower at 35,536.88 at 1000 hrs. Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies.

Brent crude, the international benchmark, was trading 0.83 per cent lower at USD 61.05 per barrel.

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