Rupee declines 11 paise to ₹87.36 against US dollar in early trade

The rupee declined 11 paise to ₹87.36 against the US dollar in early trade on Monday amid a rise in dollar demand.

However, positive FII inflows and a decline in crude oil prices prevented sharper losses in the local unit as traders awaited US Fed Chief Jerome Powell's speech at the Jackson Hole Symposium later in the day, forex traders said.

The domestic unit opened at ₹87.37 against the US dollar and inched up to ₹87.36, down 11 paise from its previous close.

The rupee pared initial gains on Thursday to settle lower by 18 paise at ₹87.25 against the greenback. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.10% to 98.72.

Brent crude, the global oil benchmark, was trading 0.18% down at USD 67.55 per barrel in futures trade. On the domestic equity market front, stock markets declined 262.05 points to 81,738.66 in early trade, while Nifty dropped 81.55 points to 25,002.20.

Foreign Institutional Investors purchased equities worth ₹1,246.51 crore on Thursday, according to exchange data.