Indian rupee declined 12 paise to 77.62 against U.S. dollar

The rupee declined 12 paise to 77.62 against the U.S. dollar in trade on Thursday, tracking the strength of the American currency in the global market. At the inter-bank foreign exchange, the rupee opened at 77.61 against the U.S. dollar, then lost ground to priced at 77.62, registering a fall of 12 paise from the previous close.

On Wednesday, the rupee recovered from its record low to close 21 paise higher at 77.50 against the American currency. The Indian rupee opened weaker against the dollar on Thursday, weighed down by a recovery in the U.S. dollar and strengthening bond yields. However, a sell-off in the crude oil prices on Thursday morning could cap the depreciation bias, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Moreover, Asian and emerging market peers were weaker on Thursday morning and could weigh on sentiments, he added. Global oil benchmark Brent crude futures fell 1.57% to USD 114.46 per barrel. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent higher at 102.55.

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