Rupee falls 14 paise to 82.76 against US dollar

Mumbai: The rupee depreciated 14 paise to 82.76 against the US dollar in early trade on Friday, as weak Asian peers and strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit fell to 82.76 in initial trade, registering a decline of 14 paise over its last close.

On Thursday, the rupee settled at 82.62 against the dollar.

The rupee opened weaker against the greenback on Friday morning as hawkish Fed continues to support the greenback.

Additionally, weak Chinese Yuan also weighed on sentiments, said Sriram Iyer, Senior Research Analyst- Commodities & Currencies Reliance Securities.

However, hopes of a deal on the debt ceiling and the Reserve Bank of India's presence could cap losses for the local unit, Iyer added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 103.54.

Brent crude futures, the global oil benchmark, rose 0.83 per cent to USD 76.49 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 30.31 points or 0.05 per cent lower at 61,401.43. The broader NSE Nifty declined 8.75 points or 0.05 per cent to 18,121.20.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 970.18 crore, according to exchange data.