Rupee Plunges 23 Paise to 89.94 Against US Dollar Amid Fund Outflows, Rising Crude

• The Indian Rupee depreciated by 23 paise, trading at 89.94 against the US dollar in early Friday trade.
• Key factors contributing to the fall include foreign fund outflows, a recovery in crude oil prices, and negative domestic equity trends.
• The local unit opened at 89.84 but lost ground, following a previous close of 89.71 on Wednesday.
• Forex and equity markets were closed on Thursday for Christmas, leading to thin trading conditions.
• Foreign institutional investors (FIIs) offloaded equities worth Rs 1,721.26 crore on Wednesday, impacting market sentiment.

Why It Matters: Rupee weakens significantly against dollar due to FII outflows, rising crude, and market sentiment.