Rupee drops 15 paise to settle at 71.08 against USD

The Indian rupee dropped 15 paise to close at 71.08 against the US dollar on Friday amid strengthening of the American currency overseas and rising crude prices.

At the interbank foreign exchange market, the rupee opened lower at 70.98 to the US dollar and lost further momentum to touch a low of 71.10.

It finally settled the day at 71.08, showing a fall of 15 paise over its previous close.

Global crude benchmark Brent was trading 0.51 per cent higher at USD 65 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.17 per cent to 97.48.

"The greenback rose after data showed retail sales in the US picked in December. From the US, market participants will be keeping an eye on industrial production and housing numbers and better-than-expected number could extend gains for the dollar," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

During the week the rupee has depreciated by 14 paise.