Mumbai: The Indian Rupee was depreciated by 20 Paise to 74.54 against the US dollar in opening trading on Thursday, burdened by the Loyo trend in the domestic equity market and the US dollar.
In the interbank foreign exchange, the Rupee opened on weak records at 74.44, then lost the land further and touched 74.54 against the US dollar in the initial transaction, registering a decline of 20 Paise from near the last.
On Wednesday, Rupee was closed at 74.34 against the US dollar.
The Indian Rupee opened a weaker tracking dollar and US bond yields, said Sekuritas Reliance in a research record that added that “global concerns over inflation survived and will burden sentiment”.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, up 0.10 percent to 94.94.
The US dollar surged after US consumer prices increased to the highest level since 1990, sparking speculation that the Federal Reserve can raise interest rates faster than expected, the Reliance Securities’ note said.
Global Oil Benchmark Brent Crude futures rose 0.22 percent to $ 82.82 per barrel.
Foreign institutional investors are clean sellers in the capital market on Wednesday because they lowered the shares worth Rs 469.50 Crore, according to data exchange.
At the front of the domestic equity market, Sensex 30-shares traded 420.68 points or 0.70 percent lower at 59,932.14, while the wider Nifty NIFTY fell 129.50 points or 0.72 percent to 17,887.70.