The rupee traded marginally lower at 74.98 against the US dollar, down 4 paise, in early deals on Friday due to emergence of demand for the American currency from banks and importers.
At the foreign bank exchange, the domestic unit opened on a weak note and went on to touch a low of 75.04 before staging a quick mild recovery, though still trading in the red.
The Indian currency had ended steady on Thursday after the RBI decided to maintain a status quo in its policy rates.
Keeping interest rates unchanged to help tame inflation, the central bank decided to continue with the accommodative stance of monetary policy as long as necessary to revive growth.
Analysts, however, are of the view that the Reserve Bank expecting the inflation at elevated levels until September before easing and economic growth to shrink would exert pressure on the forex market in the near term.
Meanwhile, the US dollar index, which gauges the value of the greenback against a basket of key global currencies, rose 0.32 per cent to 93.08.
Foreign investors infused Rs 637.43 crore on a net basis into Indian equities on Thursday, exchange data showed.
Global crude oil benchmark Brent was trading marginally lower at USD 45.08 a barrel.
On the domestic equities front, the BSE Sensex was down 75.60 points or 0.20 per cent at 37,949.85; while the NSE Nifty traded 11.70 points or 0.10 per cent lower at 11,188.45.
You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in
Show Less Plan
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Faster pages
Move smoothly between articles as our pages load instantly.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Personalised recommendations
A select list of articles that match your interests and tastes.
Briefing
We brief you on the latest and most important developments, three times a day.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath