Rupee slips 6 paise to 75.02 against US dollar in early trade

Rupee slips 6 paise to 75.02 against US dollar in early trade

THe Indian rupee depreciated by 6 paise to 75.02 against the US dollar in opening trade on Wednesday, weighed down by firm crude oil prices and a strong American currency in the overseas market.

At the interbank foreign exchange, the rupee opened on a weak note at 75.02, registering a decline of 6 paise from the last close.

On Tuesday, the rupee had closed at 74.96 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell marginally by 0.06 per cent to 93.88.

Global oil benchmark Brent crude futures declined 0.49 per cent to USD 85.98 per barrel.

Stronger US dollar and its demand from importers could cap the appreciation bias in the local unit, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

However, fund inflows into the equity markets will lend support, he noted.