The Indian rupee recovered some of its early losses on Friday, ending the day at 76.06 against the US dollar, up 3 paise. The local unit, however, has dropped for the fourth week in a row, owing to mounting concerns about the Omicron coronavirus strain. The strengthening of crude oil prices also weighed on the local currency.

The rupee began lower at 76.23 per dollar on the interbank foreign exchange market, down 14 paise from the previous close. During the day, it recovered some of its losses and closed at 76.06 against the US dollar. The rupee was valued at 76.09 versus the dollar on Thursday.

The US dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.08 percent to 95.96. Brent crude futures, the international benchmark for oil, lost 1.45 percent to USD 73.93 per barrel. According to exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs. 1,468.71 crore.

In Share markets, the BSE Sensex fell 889.40 points, or 1.54 percent, to 57,011.74, while the broader NSE Nifty down 263.20 points, or 1.53 percent, to 16,985.20.

Weekend Markets: Sensex falls 889 pts, Nifty settles at 16,985

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