Home Business Rupee falls 24 paise to 75.85 in early trade

Rupee falls 24 paise to 75.85 in early trade

by the owl speaks

In opening trade on Friday, the rupee depreciated 24 paise to 75.85 against the US dollar, tracking weak domestic equities and strengthening the US currency overseas.

Traders said the weakness in the local unit was primarily due to domestic stock correction and US dollar strengthening. In addition , increasing cases of coronavirus in the region, and trade tensions between the US and China have weighed on the local unit.

On the interbank forex market, the rupee opened weak at 75.72 and then dropped further to 75.85, down 24 paise from its last closing.

It had closed Thursday at 75.61 against the US dollar.

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