Mumbai: Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers.
At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise.
Traders said besides sustained demand of the US currency from importers, a lower opening in the domestic equity markets also weighed on the local unit.
Also Read: Rupee Falls 36 Paise To 73.93 Against Dollar In Early Trade
The losses in the domestic currency were however limited as the US dollar weakened against some currencies overseas.
On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar.
Forex market remained shut on Thursday on account of “Dussehra”.
Meanwhile, on a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.
Also Read: Rupee Hits New Low of 74.45, Falls 24 Paise Against US Dollar
The benchmark BSE Sensex fell 408.45 points, or 1.17 per cent, to 34,371.13 in the opening trade.