On Friday, the Indian rupee fell 18 paise to an over 16-month low of 75.78, owing to ongoing foreign investment outflows and rising inflation fears. In line with a lacklustre trend in equities markets, the rupee opened down at 75.65 per dollar on the interbank foreign currency market and eventually plunged to the day's low of 75.85.

The local currency recovered some of its losses in the last minutes of trading to close at 75.78, its lowest level since June 22, 2020. The rupee also fell for the third week in a row, losing 66 paise (0.88 percent) against the US dollar.

The US dollar index, which measures the strength of the greenback against a basket of six currencies, rose to 96.25, indicating that it was on track for a weekly gain. Brent crude was up 0.40 percent at $74.72 per barrel, while Indian basket crude was up 0.62 percent at USD 74.28 per barrel.

On the stock market, the key indices Sensex and Nifty closed flat, despite a late rally in some energy, banking, and information technology firms. The Sensex fell 20.46 points to 58,786.67, while the Nifty fell 5.55 points to 17,511.30.

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