In early trading, the Indian rupee loses 36 paise to 79.51 against the US dollar
The rupee opened at 79.21 versus the US dollar on the interbank foreign exchange but later declined to 79.51, losing 36 paise from the previous close.
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In early trade on Thursday, the rupee lost 36 paise to 79.51 against the US dollar as investors' confidence was dampened by unfavourable macroeconomic data and US-China tensions.
The rupee opened at 79.21 versus the US dollar on the interbank foreign exchange but later declined to 79.51, losing 36 paise from the previous close.
The rupee suffered its worst single-day decline in the current fiscal year on Wednesday, falling 62 paise to settle at 79.15 against the dollar. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.08 percent to 106.41.
As traders evaluate the dangers involved with the US-China tensions, forex traders claimed that the rupee is underperforming other Asian currencies due to the region's record-high trade deficit and the demand for the dollar as a safe haven.
For the first time in 17 months, India's exports fell slightly in July, but the trade imbalance tripled to a record USD 31 billion, driven by a 70% increase in crude oil imports.
Ahead of the Reserve Bank of India's (RBI) monetary policy announcement on Friday, traders might continue to be cautious. Brent crude futures, the benchmark for all crude oil, increased 0.24 percent to USD 97.01 per barrel.
The 30-share Sensex was up 286.7 points, or 0.49 percent, at 58,637.23 on the domestic equities market, while the larger NSE Nifty was up 80.50 points, or 0.46 percent, at 17,468.65.
According to exchange data, foreign institutional investors continued to be net purchasers on Wednesday, buying shares worth Rs 765.17 crore.
