On Thursday, rupee had settled 21 paise higher at 71.03 against US dollar.The rupee Friday depreciated 21 paise to 71.24 in early trade in forex market amid strengthening American currency and rising crude prices.Forex traders said strengthening of US dollar against some currencies overseas weighed on local unit.
At Interbank Foreign Exchange, rupee opened on a weak note at 71.12, then fell further to 71.24 against US dollar, showing a decline of 21 paise over it's previous closing.On Thursday, rupee had settled 21 paise higher at 71.03 against US dollar.
Traders said, fresh foreign fund inflows and positive opening in domestic equities capped losses for domestic unit.
Foreign funds bought shares worth Rs 842.13 crore from capital markets on a net basis on Thursday, while domestic institutional investors sold shares worth Rs 727.46 crore, provisional data showed.
The global benchmark, brent crude oil was trading at $61.73 per barrel, higher by 0.90 per cent.
Meanwhile, domestic equity market opened marginally higher.
The 30-share BSE benchmark Sensex, opened at 36,417.58, up 43.5 points in early trade.