Rupee falls 9 paise to 70.55 against US dollar in early trade
The rupee depreciated by 9 paise to 70.55 against the US dollar in early trade Tuesday at the interbank foreign exchange, amid strengthening of the US dollar and rising crude oil prices.
Mumbai: The rupee depreciated by 9 paise to 70.55 against the US dollar in early trade Tuesday at the interbank foreign exchange, amid strengthening of the US dollar and rising crude oil prices. Forex dealers said fresh demand for the American currency from importers amid rise in crude prices weighed on the domestic unit. Besides, investors were treading the cautious path ahead of the RBI policy decision.
The rupee opened lower at 70.50 a dollar and dropped further to quote at 70.55, 9 paise down over its previous close. On Monday, the local unit snapped its four-day rising streak and dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency.
Crude prices are on a rebound after Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman agreed to extend their agreement to limit production to arrest a slump in global prices. Crude oil prices surged over 1.07 per cent to USD 62.35 per barrel in global markets.
Traders said, fresh foreign inflows restricted the decline in the local unit. Foreign institutional investors (FIIs) made fresh purchases worth Rs 293.12 crore Monday, as per provisional data.
Watch this Zee Business video here:
The BSE benchmark dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by foreign investors.
The 30-share index was trading 133.27 points, or 0.37 per cent, lower at 36,107.73 at 0945 hrs. In similar movement, the NSE Nifty was trading 31.20 points, or 0.29 per cent, down at 10,852.55.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
01:24 PM IST