Image used for representational purpose.
| Photo Credit: Special Arrangement
The rupee depreciated 4 paise to 82.80 against the U.S. dollar in early trade on December 16 due to losses in domestic equities and risk aversion in global markets.
However, a weak greenback overseas supported the domestic currency and restricted the decline, forex traders said.
At the interbank foreign exchange, the rupee opened weak at 82.84 against the dollar, then gained some ground to quote at 82.80, registering a fall of 4 paise over its previous close.
Also read: Rupee falls 27 paise to end at 82.76 against U.S. dollar
In the previous session on December 15, the rupee settled 27 paise lower at 82.76 against the U.S. dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.28% to 104.27.
Brent crude futures, the global oil benchmark, advanced 0.59% to $81.69 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 293.36 points or 0.47% lower at 61,505.67. The broader NSE Nifty fell 77.85 points or 0.42% to 18,337.05.
Foreign Institutional Investors (FIIs) turned net sellers in capital markets on December 15 as they offloaded shares worth ₹710.74 crore, according to exchange data.