The Indian rupee depreciated sharply against the US dollar after the currency declined to 76.97 levels during intraday trades on Friday. Rupee plummeted 57 paise to close at 76.92 (provisional) against the US dollar, weighed down by a strong American currency overseas, unabated foreign fund outflows and firm crude oil prices. With crude oil prices shooting up to $110/barrel, most emerging market currencies, like in Indian rupee, weakened against the dollar. The dollar index, which tracks its performance against a basket of six major rivals, gained as much as 0.5% in early European trading hours to hit a fresh 20-year high of 104.07. Powered by Commodity Insights
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