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The rupee depreciated 4 paise to 82.80 against the US dollar in early trade on Friday due to losses in domestic equities and risk aversion in global markets.
However, a weak greenback overseas supported the domestic currency and restricted the decline, forex traders said.
At the interbank foreign exchange, the rupee opened weak at 82.84 against the dollar, then gained some ground to quote at 82.80, registering a fall of 4 paise over its previous close.
In the previous session on Thursday, the rupee settled 27 paise lower at 82.76 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.28 per cent to 104.27.
Brent crude futures, the global oil benchmark, advanced 0.59 per cent to $81.69 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 293.36 points or 0.47 per cent lower at 61,505.67. The broader NSE Nifty fell 77.85 points or 0.42 per cent to 18,337.05.
Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Thursday as they offloaded shares worth Rs 710.74 crore, according to exchange data.
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