Rupee slips 2 paise to 83.25 against US dollar in early trade

Rupee slips 2 paise to 83.25 against US dollar in early trade

Mumbai, Nov 17 (PTI) The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments.

At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices.

However, a firm US dollar and weak domestic equity markets restricted the rupee movement and the local currency edged lower by 2 paise to 83.25 in early trade.

The rupee closed at 83.23 against the greenback on Thursday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was flat at 104.35.

Brent crude futures, the global oil benchmark, recovered from overnight losses to trade higher by 0.40 per cent at USD 77.73 per barrel. Indian basket oil futures were down 0.85 per cent at USD 83.09 per barrel.

Brent crude futures for December delivery plunged up to 5 per cent to a four-month low of USD 77.42 per barrel on Thursday as weak jobs data from the US led to worries about global oil demand.

On the domestic equity market front, the BSE Sensex declined by 94.42 points or 0.14 per cent to 65,888.06 while the broader Nifty fell by 9.40 points or 0.05 per cent to 19,755.80.

According to exchange data, foreign institutional investors (FIIs) emerged as net buyers in the capital market on Thursday as they bought shares worth Rs 957.25 crore. PTI MR ANU

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