Mumbai: The Indian currency rupee depreciated by 19 paise to 70.25 against the US dollar in early trade Thursday due to new buying of the American currency by importers and banks. However, a higher opening of domestic equity market covered the loss as brokers said.
At the Interbank Foreign Exchange, the Indian rupee opened sharp lower at 70.27 against a dollar which is the previously has closed off 70.06. Worth mention here the domestic unit moved in a tight range of 70.31 to 70.22 in the morning trade.
On Wednesday, the rupee cut its early gains to settle 8 paise upper at 70.06 in opposition to the US currency.
In addition Brent crude, the global benchmark, was fallen 1.18 per cent at USD 54.64 per barrel. Overall foreign portfolio investors (FPIs) purchased shares worth Rs 80.28 crore Wednesday whereas domestic institutional investors (DIIs) were net sellers to the tune of Rs 137.63 crore.
It is noted that BSE benchmark Sensex rallied 391 points and NSE Nifty regained the 10,800 level on Thursday on positive cues from Wall Street.