Daijiworld Media Network – New Delhi

New Delhi, Apr 27: The Indian rupee depreciated by 11 paise to settle at 94.27 against the US dollar in early trade on Monday, weighed down by a stronger American currency and persistent foreign fund outflows.

Forex traders said the strengthening of the US dollar in global markets and rising crude oil prices added pressure on the domestic currency. Uncertainty in global financial markets also contributed to the rupee’s decline.

At the interbank foreign exchange, the rupee opened weak and slipped further to 94.27 against the greenback, registering a fall of 11 paise from its previous close.

Market participants are closely tracking global cues, including the movement of the dollar index and crude oil prices, along with foreign institutional investor (FII) activity, which continue to influence the rupee’s trajectory.

Analysts noted that any sustained outflow of foreign funds and volatility in global markets could keep the rupee under pressure in the near term.