Rupee Slips 6 Paise to 95.28 Against US Dollar Amid Stronger Dollar and Higher Oil Prices

The Indian rupee depreciated by 6 paise to 95.28 against the US dollar in early trade on Friday, tracking a firmer dollar and rising US Treasury yields.

Forex traders said that dollar demand from importers and profit-taking after the rupee's recent appreciation outweighed the favorable global backdrop.

Amit Pabari of CR Forex Advisors stated, 'With oil back near USD 83, the dollar firm near 100, and US yields elevated, 95.00-95.10 stands out as a solid support for the rupee, and the currency climbing back towards the 96.00-96.20 zone looks like reality.'

The dollar index was trading 0.02 percent higher at 99.95, while Brent crude, the global oil benchmark, was up 1.20 percent at USD 83.48 per barrel in futures trade.