The Indian rupee dropped 7 paise to settle at 89.43 (provisional) against the US dollar on Friday, tracking a strong greenback and a rise in crude oil prices in the international market. Besides, subdued equity market sentiment and the withdrawal of foreign funds, weighed on the local unit. Local shares gave up early gains to end marginally lower on Friday as traders took profits in key sectors after recent gains to record highs. The benchmark BSE Sensex ended the session down 13.71 points at 85,706.67, erasing morning losses. The broader NSE Nifty index slipped 12.60 points to 26,202.95 while the BSE mid-cap and small-cap indexes ended down around 0.1 percent each. At the interbank foreign exchange market, the rupee opened at 89.41 and touched the intra-day low of 89.49 against the greenback. It finally settled at 89.43 (provisional) against the US dollar, registering a loss of 7 paise from the previous close.
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INR dips lower amid subdued local market sentiments; rising oil prices and firm greenback weigh
