Fears of an aggressive rate hike by the Federal Reserve after U.S. inflation soared to a 40-year high in January drove the rupee down 24 paise to 75.39 (provisional) against the dollar at Friday's closing. Domestic equities have been muted, foreign fund outflows have been steady, and crude oil prices have risen, according to forex dealers.

The rupee opened at 75.40 versus the dollar on the interbank foreign exchange, with an intraday high of 75.27 and a low of 75.46 against the greenback. The local currency finished the day at 75.39, down 24 paise from its previous closing. In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.35 percent at 95.88.

The 30-share Sensex closed the day 773.11 points or 1.31 percent lower at 58,152.92, while the wider NSE Nifty concluded the day 231.10 points or 1.31 percent worse at 17,374.75.

Brent crude prices increased 0.45 percent to USD 91.82 per barrel, the global standard.

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