Rupee falls 7 paise to 95.22 against US dollar in early trade
Forex traders say that the rupee showed some recovery on likely intervention by the RBI, but failed to withstand pressure from foreign fund outflows
The Indian rupee slipped 7 paise to 95.22 per US dollar in early trade on Tuesday, pressured by high crude oil prices, geopolitical concerns, and a stronger US dollar ahead of the Federal Reserve's policy announcement. Forex traders noted some recovery as the RBI may intervene, but the currency could not withstand foreign fund outflows due to weak domestic equity market sentiment.
The rupee opened at 95.17 at the interbank market and lost further ground to 95.22, a drop of 7 paise from its prior close. On Monday, the rupee fell again for the third straight day, ending 22 paise lower at 95.15 against the US dollar. Over the past three days, the rupee has lost 77 paise against the dollar. Meanwhile, the dollar index, measuring the greenback's strength versus a basket of six currencies, rose 0.06% to 101.86.
Brent crude oil, the global benchmark, fell 0.91% but remained close to its six-month peak of $114.76 per barrel. Analysts linked the higher oil prices to Houthi attacks on Saudi Arabia's oil facilities, heightening worries about global supply chain interruptions. The domestic stock market was under pressure, with the Sensex down 126.16 points (0.17%) to 73,480.59 and the Nifty falling 47.30 points (0.21%) to 22,706.30.
Foreign Institutional Investors (FIIs) sold equities worth ₹1,462.49 crore in net terms on Monday, according to exchange data.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
