Rupee falls 8 paise to 95.38 against US dollar in early trade

The rupee experienced a decline of 8 paise, reaching 95.38 against the US dollar during early Tuesday trading. This depreciation occurred despite a lack of resolution in the West Asia crisis, which had continued to unsettle global markets and driven up crude oil prices overnight. Domestic stock markets saw a decline, with the Sensex falling 320.14 points to 78,204.40 and the Nifty dropping 94.35 points to 24,490.85.

Foreign institutional investors made a net purchase of equities worth ₹1,974.76 crore on Monday, offering some support to the rupee. RBI intervention, involving state-run banks selling dollars at the central bank's behest, helped prevent a further depreciation of the local currency. Brent crude oil, the global benchmark, had risen towards $84 per barrel, with prices surpassing $87 per barrel as Iran and the US remained uncertain about resolving the Strait of Hormuz situation.