Rupee drops 20 paise to close at 73.47 against US dollar

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MUMBAI: The rupee depreciated by 20 paise to close at 73.47 against the US dollar on Friday amid a strengthening greenback and sustained foreign capital outflows.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 73.44 and further slipped to hit an intra-day low of 73.47 against the US currency.

The local unit gained some ground to reach 73.28 during the day. However, it finally settled at 73.47, showing a loss of 20 paise over the previous close.

On Thursday, the rupee fell 11 paise to close at 73.27.

The dollar rose to a 10-week high Friday ahead of US GDP data.

Oil prices fell over fears of possible drop in oil demand amid a rout in global markets. Brent crude was trading at USD 76.20 per barrel.

The BSE Sensex crashed more than 1 per cent for the second straight session Friday to close at a fresh seven-month low of 33,349.31, while the broader NSE Nifty slipped 94.90 points to 10,030.00.

Foreign funds pulled out Rs 1,356.66 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 1,875.89 crore on Thursday, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.3740 and for rupee/euro at 83.4077. The reference rate for rupee/British pound was fixed at 94.0503 and for rupee/100 Japanese yen at 65.41.