Rupee slips 11 paise to 73.65 amid strong US dollar

Indian rupee, the local currency benchmark, slipped 11 paise to 73.65 per US dollar on Friday's opening deals, tracking stronger American currency overseas, despite positive domestic equities trend

The domestic unit opened weak at 73.62 at the interbank forex market and dropped 11 paise to 73.65 per dollar over its previous close.

On Thursday, the rupee settled 4 paise higher at 73.54 per dollar, as sustained foreign fund inflows strengthened investor sentiments.

The dollar index rose 0.11 per cent to 93.05 against a basket of six currencies.

On the equity front, Market indices traded on a bullish note on Friday, amid positive global equities. Sensex was trading 70 points higher at 40,628 and Nifty gained 20 points to 11,917.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,118.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,019.87 crore in the Indian equity market on 22 October, provisional data showed.

Meanwhile, Brent crude futures, the global oil benchmark, increased 0.31% to USD 42.59 per barrel.

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Stocks in news: HDFC Asset Management, Reliance Power, Alembic Pharma, TCS, Bharti Infratel