Rupee Falls 12 Paise to 94.50 Against US Dollar in Early Trade

The rupee fell by 12 paise to 94.50 versus the US dollar in early trade on Thursday due to high crude oil prices and poor domestic markets. The rupee started off trading flat to lower, according to forex analysts, due to increasing cruce oil prices and poor domestic equities.

Nonetheless, a weaker US dollar and declining US Treasury yields helped to buffer the downside. After dropping to 94.50, the rupee opened at 94.47 on the interbank foreign currency market, down 12 paise from its last closing, reports PTI.

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The dollar index, which measures the strength of the greenback versus a basket of six currencies, was trading at 101.56, down 0.21 percent. On the domestic stock market, the Sensex fell by 642.51 points to 73,067.18 in early trade, while the Nifty declined by 241.35 points to 22,570.90.

According to exchange data, Foreign Institutional Investors (FIIs) purchased Rs. 1,022.32 crore in equities on a net basis on Wednesday. In futures trading, the global oil benchmark, Brent Crude, increased by 1.58 percent to 110.54 USD a barrel.