Rupee slips in early trade, opens at 85.8675/USD

On June 4, Indian rupee was under pressure due to dollar demand from oil companies, foreign investors, and importers.

Indian rupee opened 4 paise up at 85.8675 against the US dollar, then traded down almost 0.03 percent in early trade.

The local currency ended at 85.9063 against the greenback at previous trading session.

This currency experts said due to marginal uptick in dollar index, which increased to 98.817 in early trade, as compared to 98.787 at previous close.

On June 4, Indian rupee was under pressure due to dollar demand from oil companies, foreign investors, and importers.

FIIs sold shares worth Rs 2,854 crore and DIIs purchased shares worth Rs 5,908 crore. As per provision data, DIIs net bought shares worth Rs 15,704 crore and net sold shares worth Rs 9,796 crore. On the other hand, FIIs net bought shares worth Rs 17,063 crore and net sold shares worth Rs 19,917 crore.

For the year so far, FIIs have been net sellers of shares worth Rs 1.27 lakh crore, while DIIs have net bought Rs 2.86 lakh crore worth of shares.

The local currency depreciated around 0.5 percent on June 4.

Currency experts said this triggered Reserve Bank of India (RBI) to intervene in the market.