Mumbai, Apr 25 (PTI) The rupee depreciated 3 paise to close at 81.95 against the US dollar on Tuesday, pressured by a strong greenback overseas and sustained foreign fund outflows.
At the interbank foreign exchange market, the local unit opened at 81.95 against the US currency and finally closed at 81.95 against the greenback, registering a fall of 3 paise from its previous close.
During the session, the rupee touched a high of 81.86 and a low of 81.96 against the dollar.
The rupee on Monday settled at 81.92 against the US dollar.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee was almost flat on Tuesday as markets waited for fresh cues.
Asian peers remained weak as risk sentiment remained tepid and public sector bank-led dollar bids to cover their imports near 81.90 levels and capped gains.
“In the overseas markets, the US Dollar Index gained marginally on Tuesday afternoon in Asian trading on safe-haven bids as the outlook for the global economy worsened,” Iyer said.
The Japanese Yen, the Euro and the Sterling weakened this Tuesday afternoon trade tracking gains in the greenback.
Global oil benchmark Brent crude futures declined 0.39 per cent to USD 82.41 per barrel.
On the domestic equity market front, the 30-share BSE Sensex advanced 74.61 points or 0.12 per cent to end at 60,130.71 points and the broader NSE Nifty gained 25.85 points or 0.15 per cent to 17,769.25 points.
Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 407.35 crore, as per exchange data.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, the rupee traded range bound near 81.90 as the dollar index was in the consolidation range.
“The rupee replicated peers by staying in the range of 81.85-81.95. The US GDP data is the next key trigger for the traders to watch out for, till then the range for the rupee can be seen in 81.75 – 82.10,” Trivedi said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06 per cent to 101.40. PTI DRR DRR BAL
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