The Indian rupee extended its decline and opened lower on Friday weighed by a rising dollar index amid hawkish comments from Federal Reserve officials. The local currency opened at 82.71 per dollar as compared to its previous close of 82.60, nearing its lowest level in almost two months.
The dollar index inched higher, reaching its highest level since mid-March. The euro was down 0.07% to $1.0761, while sterling was last trading at $1.2391, down 0.14%.
In Asia, the offshore yuan dropped to 7.0750 to the dollar, a level last seen in December. The yen strengthened 0.14% to 138.51 per dollar, but was near the six-month low of 138.75 it touched overnight.
Also Read: Global market: SGX Nifty to US dollar — key triggers that may dictate Indian market today — 19th May
Meanwhile, crude oil prices were under pressure, with US crude falling 0.14% to $71.76 per barrel and Brent at $75.78, down 0.11%.
On the domestic front, the Indian equity markets were trading higher in the pre-opening session following positive cues from the global peers.
On Thursday, the foreign institutional investors (FII) net bought Indian shares worth ₹970.18 crore, while the domestic institutional investors (DII) net sold shares worth ₹849.96 crore, as per data from the exchanges.
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(With inputs from Reuters)
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