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Indian rupee opens lower by 8 paise at 66.83 per dollar

The Indian rupee recovered and trading marginally higher after opened lower in the early trade on Friday.

The rupee slipped 8 paise in the opening trade at 66.83 per dollar against previous close 66.75.

After remaining under pressure in the past few sessions, yesterday, the rupee consolidated against the US dollar. Weakness in the rupee had been triggered on back of sharp rise in global crude oil prices and fund outflow by FIIs in the equity and debt segment. Yesterday, they sold another USD 100 million, now getting the cumulative figure for this month to almost USD 2billion, said Motilal Oswal.

Continued fund outflows by FIIs in the equity and debt segment could weigh on the rupee. For the day, the USD-INR pair is expected to quote in the range of 66.60 and 67.20(Spot), it added.

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