Rupee slips 4 paise to 82.24 against dollar in early trade

An India Rupee note is seen in this illustration photo.
| Photo Credit: Reuters

The rupee slipped by 4 paise to 82.24 against the U.S. dollar in early trade on March 24 amid a stronger dollar in the overseas markets and losses in domestic equities.

At the interbank foreign exchange market, the local unit opened lower by 12 paise at 82.32 as the U.S. dollar rebounded against global currencies in early Asian trade.

The rupee pared some of the losses to trade at 82.24, registering a loss of 4 paise over the previous close of 82.20 on March 23.

Traders said a stronger U.S. dollar and losses in domestic equities weighed on the local unit.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% higher at 102.63.

Crude oil prices declined in early Asian trade on reports that the U.S. is likely to defer restocking of its strategic reserves despite current low prices.

Global oil benchmark Brent crude slipped 0.16% to USD 75.79 per barrel.

Benchmark BSE Sensex declined by 63.71 points or 0.11% to 57,861.57 points while the broader Nifty of NSE dropped by 51.25 points or 0.3% to 17,025.65 points in early trade.

Foreign Portfolio Investors (FPIs) turned net sellers on March 23 as they sold equities worth ₹995 crore, according to exchange data.