New Delhi, August 22(HS): The Indian rupee slipped for the third consecutive day on Thursday, closing 25 paise lower at 87.52 (provisional) against the U.S. dollar amid strong crude oil prices, sustained foreign fund outflows, and a firming dollar index. On Wednesday, the domestic currency had ended at 87.27 per dollar.

The rupee opened weaker at 87.35 in the interbank foreign exchange market, down 8 paise from the previous close. While it briefly recovered to 87.32, market sentiment soon turned negative, pushing the currency down to an intraday low of 87.55 before settling at 87.52.

According to Ravi Chander Khurana, CEO of Khurana Securities & Financial Services, the dollar index—tracking the greenback’s strength against six major currencies—rose 0.11% to 98.73, while persistent selling by foreign institutional investors in equities added further pressure on the rupee. Additionally, rising crude oil prices stoked concerns of higher import bills, increasing dollar demand.

However, the rupee fared better against most other major global currencies. It appreciated by 19 paise to 117.40 (provisional) against the British pound and gained 20 paise to 101.50 (provisional) against the euro.

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Hindusthan Samachar / Jun Sarkar