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Rupee weakens by 17 paise against U.S. dollar in opening trade

The Indian rupee dropped 17 paise to trade at 75.16 against the American currency in opening deals on Friday on emergence of demand for U.S. dollar from importers and banks.

The local unit had closed at 74.99 a dollar on Thursday.

Forex traders attributed the rupee’s weakness to stronger U.S. dollar against its key rival currencies.

The dollar index, which measures the American currency’s strength against a basket of major currencies, was at 96.8640, up 0.17 per cent.

Meanwhile, global crude oil benchmark Brent Futures declined 0.78% to trade at USD 42.02 per barrel.

On the equity market front, Indian benchmark indices Sensex and Nifty were marginally lower in early trade.

Foreign investors bought equities worth ₹212.77 crore on Thursday, exchange data showed.

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