Rupee falls 17 paise to 82.75 against dollar

Early on Monday, the rupee lost 17 paise to trade at 82.75 against the US dollar as a result of a strong US dollar and a flat domestic equity market.

According to forex traders, high crude oil prices further dampened investor morale.

At the interbank foreign exchange, the local unit started out weakly versus the dollar at 82.68 before dropping to 82.75 and losing 17 paise from its previous level.

In the previous session on Friday, the rupee settled at 82.58 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 103.78.

The benchmark for global oil, Brent crude futures, saw a 0.83 percent decrease to USD 85.67 per barrel.

According to forex traders, risk aversion on international markets will likely cause the rupee to trade with a tiny negative bias. Additionally, the rupee may come under pressure from a steep decline in crude oil prices and a strong dollar due to the Fed's hawkish tone.

The 30-share BSE Sensex was down 187.1 points, or 0.31 percent, at 60,495.60 on the domestic equity market. The NSE Nifty, a more general index, dropped by 44.30 points, or 0.25 percent, to 17,812.20.

According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers on Friday in the capital markets, buying shares worth Rs 1,458.02 crore.

With inputs from Agencies.