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Indian rupee opens lower at 67.77 per dollar

The Indian rupee opened lower by 7 paise at 67.77 per dollar on Friday versus 67.70 yesterday.

According to Motilal Oswal, rupee continued to consolidate in a narrow range for the second successive sessions but traded with a slight negative bias following broad strength in the dollar and as US 10-year yield continued to rise.

On the domestic front, FIIs continued to remain net sellers in the equity and debt segment and yesterday sold another USD 258 million. In the last one month, FIIs have sold funds worth USD 2.5 billion and the cumulative sell figure for this financial year stands at USD4.9 billion.

The economic calendar on the domestic front is muted and that could keep the volatility for the rupee confined to a narrow range. For the day, rupee is expected to quote in the range of 67.60 and 68.20, it added.