Rupee falls 3 paise to close at 83.37 against US dollar

The Indian rupee depreciated on Friday due to demand for dollars from importers and a weak tone in Asian currencies. However, a decline in crude oil prices and a softness in the US Dollar provided some cushioning. Traders expect the rupee to trade with a slight negative bias due to weak global markets and expectations of a recovery in the US Dollar index. IPO-driven Dollar inflows and a weak tone in crude oil prices may support the local currency. The dollar index was trading lower at 103.73 and Brent crude futures rose to USD 81.65 per barrel.

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