FII outflows continued to weigh on the local unit while a positive start to the day at the domestic equity markets provided support, according to forex traders.
<iframe src="https://hindustansphere.com/embed/cluster/1ed04e77f7de7d79e050bbe6f6e696f00530e0a5" width="100%" height="320" style="border:0;max-width:680px" loading="lazy" title="Rupee slips 6 paise to 96.31 against U.S. dollar in early trade"></iframe>
On July 8, the rupee plunged 52 paise to settle at 95.48 against the U.S. dollar
The rupee weakened against the US dollar due to global crude oil volatility and a stronger greenback. Foreign institutional investor outflows continued to pressure the local currency in early trade. The West Asia crisis intensified with further strikes and retaliatory actions by Iran. Domestic equity markets opened positively, providing some support to the rupee. The dollar index saw a marginal increase while Brent crude prices remained volatile.
