Rupee Falls 6 Paise as Dollar Demand Overtakes Global Fundamentals

The Indian rupee depreciated against the US dollar in early trade on Friday, falling to 95.28.

This decline comes after a narrow range of trading and is attributed to stronger demand for dollars from importers as well as profit-taking following recent appreciation of the rupee.

Experts point out that the favorable global backdrop has been outweighed by these factors, leading to the rupee's depreciation.

Amit Pabari, MD at CR Forex Advisors, notes that with oil prices near $83 and the dollar firming up around 100, the rupee is likely to face continued weakness in the near term.