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The rupee depreciated 3 paise to 82.76 against the U.S. dollar in early trade. Fie
| Photo Credit: The Hindu
The rupee depreciated 3 paise to 82.76 against the U.S. dollar in early trade on Tuesday, weighed down by a strong American currency .
Forex traders said the rupee is trading in a narrow range as a positive trend in domestic equities and easing crude oil prices supported the local unit and restricted the fall.
At the interbank foreign exchange, the domestic unit opened weak at 82.76 against the dollar, registering a decline of 3 paise over its last close.
In the previous session on Monday, the rupee settled at 82.73 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.19% to 104.05.
Brent crude futures, the global oil benchmark, declined 1.11% to $83.14 per barrel.
Lack of triggers is keeping volumes subdued, forex traders said, adding that over this week, focus will be on European flash PMIs and the U.S. Fed minutes.
In the domestic equity market, the 30-share BSE Sensex was trading 104.11 points or 0.17% higher at 60,795.65. The broader NSE Nifty advanced 14.25 points or 0.08% to 17,858.85.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth ₹ 158.95 crore, according to exchange data.
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