Highlight
- Rupee opens at 80 against US dollar at Interbank Foreign Exchange
- It then lost ground to bid at 80.05, registering a drop of 7 paise from the previous close.
- The local unit also touched 79.90 against the US currency in early trade
The rupee fell by 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday, tracking the strength of the US currency and firming crude oil prices.
At the interbank forex, the rupee opened at 80 against the US dollar, then lost ground to bid at 80.05, registering a fall of 7 paise from the previous close.
The local unit also touched 79.90 against the US currency in early trade.
The rupee on Monday fell to as low as 80 against the US dollar in intra-day spot trading for the first time on Monday, ending the session 16 paise lower at 79.98, amid spurt in crude oil prices and foreign fund outflow.
The rupee opened on a weak note on Tuesday morning driven by outflows and higher oil prices, said Sriram Iyer, senior research analyst at Reliance Securities, adding that the lack of intervention by the Reserve Bank of India (RBI) also weighed on sentiments. could.
According to Iyer, the USD/INR pair is in the range of 79.75-80.12 for Tuesday’s session.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.12 per cent higher at 107.49.
Global oil benchmark Brent crude futures fell 0.35 per cent to $105.90 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 86.4 points or 0.16 per cent lower at 54,434.75, while the broader NSE Nifty fell 26.75 points or 0.16 per cent to 16,251.75.
Foreign institutional investors were net buyers in the capital market on Monday as they bought shares worth Rs 156.08 crore, according to stock exchange data.
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