- Tag results for Rupee
At the forex market, the rupee opened weak at 71.22 and slipped further to quote 17 paise down at 71.33 against the US dollar.
A strong dollar in overseas markets and a lower opening of the domestic equity market weighed on the rupee, a currency dealer said.
The rupee continued its upward trend for the sixth straight day despite good selling of the greenback by banks.
Though the greenback saw some good selling, the Indian currency strengthened with easing crude oil prices.
Moreover, easing crude prices and fresh foreign fund inflows also propped up the local unit.
Forex traders said the domestic currency gained strength after the Reserve Bank of India Thursday cut benchmark lending rate by 0.25 percentage point to 6.25 per cent.
Forex traders said positive opening in domestic equities, fresh foreign fund inflows and easing crude prices, however, capped the losses for the domestic unit.
Forex traders said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7.
Among the Sensex pack, Reliance Industries (RIL) was the biggest gainer, rallying 3.52 per cent to Rs 1,291.15.
Forex traders said strengthening of the US dollar against some currencies overseas weighed on the local unit.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.06 per cent to 95.52, ahead of US labour market report.
The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.
Experts feel that the rupee is headed for the worst performance among major Asian currencies amid the upcoming interim budget.
The rupee opened strong at 70.92 at the interbank forex market then gained further ground and touched 70.86 amid weakening of the American currency, displaying gains of 26 paise over its last close.
Shares of ICICI Bank too rallied 4 per cent ahead of its quarterly results, scheduled to be released later in the day.