The rupee depreciated 17 paise to 74.75 against the US dollar in opening trade on Friday tracking weakness in other Asian currencies.
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The rupee touches a fresh eight-month low as traders cover short dollar with bond yields below six percent for the first time in two months.
Traders also said the domestic unit is trading on a weak note as investors believe that the central bank's bond-buying plan could be bearish for the currency due to inflationary concerns.
CNBC-TV18’s Latha Venkatesh has more details