Rupee slips 12 paise to 71.74 against dollar

Mumbai: The Indian rupee on Friday settled 12 paise lower at 71.74 against the US dollar, tracking heavy selling in domestic equities and growth concerns ahead of the release of GDP data.

Forex traders said month-end dollar demand from importers and uncertainty over the US-China trade talks also weighed on the domestic currency.

At the interbank foreign exchange market, the local currency opened weak at 71.63 and during the day, it lost further ground and fell to a low of 71.87.

The rupee finally settled at 71.74, lower by 12 paise against its previous close. On Thursday, the local unit had settled at 71.62 against the greenback.

On a weekly basis, the domestic unit has lost 3 paise.

Forex traders said investors turned cautious ahead of the release of the Q2 gross domestic product (GDP) numbers. The second-quarter GDP number is scheduled to be announced later in the day.