Rupee falls 23 paise to 76.65 against US dollar in early trade

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Rupee falls 23 paise to 76.65 against US dollar in early trade

The rupee fell 23 paise to 76.65 against the US dollar in the opening trade on Monday, tracking the strength of the dollar in the overseas market.

The rupee opened on a muted note at 76.58 against the American dollar, but fell to an early low of 76.65 in initial deals, registering a fall of 23 paise over its previous close.

The rupee declined by 25 paise to close at 76.42 against the US currency on Friday.

Sriram Iyer, Senior Research Analyst at Reliance Securities, said the rupee opened weaker against the US dollar weighed by hawkish comments from Federal Reserve Chair Jerome Powell last week.

Most of the Asian and emerging market peers are trading weaker this Monday morning, which could weigh on sentiments.

The global oil benchmark Brent crude futures fell 2.85 per cent to USD 103.61 per barrel.

The dollar index, which gauges the strength of the dollar against a basket of six currencies, rose 0.02 per cent to 101.23.

On the domestic equity market front, the Sensex was trading 645.45 points or 1.13 per cent lower at 56,551. The NSE Nifty declined by 189.05 points, or 1.1 per cent, to 16,982, while the broader NSE Nifty fell by 189.05 points, or 1.1 per cent, to 16,982. Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 2,461. According to the stock exchange data, 72 crore were reported to be in possession of.