Rupee slips 4 paise to 82.24 against dollar in early trade

MUMBAI : The rupee slipped by 4 paise to 82.24 against the US dollar in early trade on Friday 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 US 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 Thursday.

Traders said a stronger US 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 per cent higher at 102.63.

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

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

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

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