Rupee Falls 4 Paise to 83.05 Against US Dollar

MUMBAI: The rupee breached its seven-day gaining streak and depreciated 4 paise to 83.05 against the US dollar in early trade on Friday as foreign investors rushed to withdraw funds amid a sharp rise in crude oil prices.

Despite a weak American currency and surging equity markets, overall sentiment was dented after the US data showed inflation increased more than expected in December, dousing hopes of an interest rate cut by the Federal Reserve in the near future, according to forex analysts.

They said investors will also keep a close watch on the domestic inflation numbers to be released later in the day.