Mumbai: The rupee Friday depreciated 21 paise to 71.24 in early trade in the forex market amid strengthening American currency and rising crude prices.
Forex traders said strengthening of the US dollar against some currencies overseas weighed on the local unit.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.12, then fell further to 71.24 against the US dollar, showing a decline of 21 paise over it’s previous closing.
Thursday, the rupee had settled 21 paise higher at 71.03 against the US dollar.
Traders said, fresh foreign fund inflows and positive opening in domestic equities capped the losses for the domestic unit.
Foreign funds bought shares worth Rs 842.13 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 727.46 crore, provisional data showed.
The global benchmark, brent crude oil was trading at USD 61.73 per barrel, higher by 0.90 per cent.
Meanwhile, domestic equity market opened marginally higher. The 30-share BSE benchmark Sensex, opened at 36,417.58, up 43.5 points in early trade.
PTI