The Indian rupee opened 38 paise lower against the dollar at 71.93 per dollar against Thursday's close of 71.55/$. The local unit settled 6 paise higher on Thursday at 71.59 /$ amid easing crude oil prices and weakening of the greenback overseas.
Besides, Foreign Institutional Investors (FIIs) sold shares worth net Rs 3,127.36 crore, while Domestic Institutional Investors (DIIs) bought net Rs 3,497.5 crore worth of shares in the Indian equity market on February 27, as per provisional data available on the NSE.
Further, investors will keep a close watch on the quarterly GDP estimate for the quarter October-December, 2019 which were released today.
Meanwhile, Asian stocks slumped on Friday as fears about the novel coronavirus continue to spur a global sell-off.
Also, the media statement said that the Federal Reserve may need to move aggressively to cut borrowing costs to cushion the economy from the effects of the rapid spread of the new coronavirus, which sent global stocks tumbling this week.
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