Rupee falls 3 paise to 73.64 against US dollar in early trade on increasing demand for American currency
On Wednesday, the rupee had ended lower by 13 paise to 73.61 against the US dollar.
Mumbai: Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers.
At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise.
Traders said besides sustained demand of the US currency from importers, a lower opening in the domestic equity markets also weighed on the local unit.
The losses in the domestic currency were however limited as the US dollar weakened against some currencies overseas.
On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar.
Forex market remained shut on Thursday on account of "Dussehra".
Meanwhile, on a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.
The benchmark BSE Sensex fell 408.45 points, or 1.17 percent, to 34,371.13 in the opening trade.
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Tata Steel was the top gainer in the Sensex pack, rising over 2 percent, followed by Infosys, TCS, Reliance Industries, HCL Tech and Bajaj Auto
While India VIX fell by 6.79 percent to end at 16.16 levels, BSE Smallcap rose by 1.38 percent to end at 29,088.57 and BSE Midcap registered a rise of 1.68 percent to 25,799.72.