Mumbai, Feb 7 (PTI) The rupee Thursday depreciated 20 paise to 71.76 in early trade at the forex market ahead of the Reserve Bank of India’s interest rate decision. Also Read - Centre Appoints Rajeshwar Rao as RBI Deputy Governor | Read Here
The domestic currency has been trading in a narrow range in the last two trading sessions as investors were cautious ahead RBI’s Monetary Policy Committee outcome scheduled to be announced later in the day. Also Read - Mumbai Rains: Heavy Rains Paralyse City, IMD Warns of 'Flooding', Local Trains Suspended Due to Waterlogging; BMC Declares Holiday
Forex traders said positive opening in domestic equities, fresh foreign fund inflows and easing crude prices, however, capped the losses for the domestic unit. Also Read - Rs 2000 Notes News: Has Centre Decided to Discontinue Printing of Rs 2000 Notes? This is What Modi Govt Said | Read Here
At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.73 then fell further to 71.76 against the US dollar, showing a decline of 20 paise over its previous closing.
On Wednesday, the rupee had settled 1 paise higher at 71.56 against the US dollar.
Foreign funds purchased shares worth Rs 694.97 crore on a net basis, and domestic institutional investors bought shares worth Rs 525.26 crore Wednesday, provisional data showed.
The global benchmark, brent crude oil was trading at USD 62.46 per barrel, lower by 0.32 per cent.
Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex, was trading at 37,081.76, up 106.55 points in early trade; and the wide-based Nifty was also trading up by 30.30 points at 11,092.75.
This is published unedited from the PTI feed.