Rupee falls 11 paise to 82.21 against US dollar

The rupee depreciated 11 paise to 82.21 against the US dollar in early trade on Tuesday, May 16. 

The dollar index — which gauges the dollar against six currencies other than the rupee — was last seen trading 0.06 per cent lower at 102.22. The index compares the dollar to the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc, and the euro.

Brent crude futures, the global oil benchmark, advanced 0.51 per cent to $75.61 per barrel.

In the domestic equity market, the 30-share BSE Sensex fell 58.69 points or 0.09 per cent to 62,287.02. The broader NSE Nifty rose 20.85 points or 0.11 per cent to 18,378.00.

"Going further, rising oil prices could remain a concern for the local unit as the US begins refilling its strategic reserve and has confirmed purchasing up to 3 million barrels of oil for the SPR," CR Forex Advisors MD-Amit Pabari said.

"Rising USD and oil, and weakening EM peer currencies make clear room for the USD-INR pair to move above 82.50 – 82.80 levels in the next 15-20 sessions," Pabari added.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 1,685.29 crore, according to exchange data.

Meanwhile, India's exports contracted by 12.7 per cent, for the third month in a row, to USD 34.66 billion in April even as the trade deficit reduced to a 20-month low of USD 15.24 billion, the government data showed on Monday.

With PTI inputs