Rupee falls 13 paise to 73.77 against US dollar in early trade

Mumbai: The Indian rupee depreciated 13 paise to 73.77 against the US dollar in opening trade on Friday, in line with other Asian currencies amid a strong greenback in the overseas market.

At the interbank foreign exchange, the rupee opened on a weak note and fell to 73.77 against the dollar, registering a decline of 13 paise from the last close, even as the domestic equity market was trading with handsome gains.

In the previous session on Thursday, the rupee had settled at 73.64 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback”s strength against a basket of six currencies, rose 0.04 per cent to 93.12.

The Indian rupee opened weaker this Friday against the dollar, after benchmark US yields reached their highest level in more than two months on anticipated withdrawal of policy support, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Most of the emerging market and Asian currencies have started weaker against the dollar this Friday morning and could weigh on sentiments, Iyer added.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 357.93 crore, as per exchange data.

On the domestic equity market front, the 30-share Sensex was trading 332.43 points or 0.56 per cent higher at 60,217.79. In initial deals, the benchmark index had touched a lifetime high of 60,333.

Similarly, the broader NSE Nifty was trading 86.20 points or 0.48 per cent up at 17,909.15. In early deals the wide-based index had touched a record 17,947.65.

Global oil benchmark Brent crude futures advanced 0.13 per cent to USD 77.35 per barrel.