Indian rupee depreciated against the US dollar on Friday dragged by foreign fund outflows, rising global crude oil prices and a steep decline in domestic equity markets. Foreign institutional investors (FIIs) remained net sellers for the second consecutive session on July 17, offloading equities worth Rs 3,694 crore. Investors were worried as ratings firm CRISIL in its latest report has said that India's goods exports are likely to face some headwinds in fiscal 2026, as reciprocal tariffs imposed by the US are seen to aggravate this. It said with the tariff hikes expected to come into effect from August, as India and the US are negotiating on a bilateral trade agreement and a key monitorable. On the global front, European currencies strengthened against other major currencies in the European session on Friday after European stock markets traded higher, as robust U.S. economic data and encouraging tech earnings helped ease tariff-related concerns for now.
Finally, the rupee ended at 86.16 (Provisional), depreciated by 04 paise from its previous close of 86.12 on Thursday. The currency touched a high and low of 86.23 and 85.97 respectively.
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