The rupee on Tuesday dipped 9 paise to 82.74 against the US Dollar in early trade. The domestic currency opened at 82.71 and then slipped further registering the fall over its previous close.
The weakening is attributed to rising crude prices worrying investor’s sentiment along with foreign fund outflows further coupling the trend, PTI reported.
On Monday, the rupee gained 17 paise to close at 82.65 against the US dollar.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, dropped 0.19 per cent to 104.11. Brent crude futures, the global oil benchmark, moved 0.45 per cent to USD 84.30 per barrel, the report stated.
The 30-share BSE Sensex was trading 61.14 points, or 0.10 percent, higher at 60,627.56 in the domestic equity market. The NSE Nifty gained 17.90 points, or 0.1 percent, to 18,032.50.
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According to exchange data, foreign institutional investors (FIIs) were net sellers in capital markets on Monday, selling shares worth ₹497.65 crore.
“… month-end exporter selling is likely to cap upside in USD/INR. Rupee is likely to trade in a 82.60-82.90 range with sideways price action,” IFA Global Research Academy said in a research note, the report adds.