Rupee slips 4 paise to 68.79 against dollar in early trade amid sustained foreign fund outflows, rising oil prices

Mumbai: The rupee opened on a weak note and declined by 4 paise to 68.79 against the US dollar in opening trade on Tuesday, amid sustained foreign fund outflows and rising crude oil prices.

Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on 31 July.

 Rupee slips 4 paise to 68.79 against dollar in early trade amid sustained foreign fund outflows, rising oil prices

Representational image. Reuters.

Moreover, strengthening of the US dollar vis-a-vis other currencies overseas kept the pressure on the rupee, they added.

The rupee opened weak at 68.73 at the interbank forex market and then fell further to 68.79, down 4 paise over its last close.

The rupee had settled at 68.75 against the US dollar on Monday.

Besides, market participants are also looking forward to the US and China trade talks, which can impact rupee movement.

The US and Chinese officials are restarting negotiations in Shanghai on Tuesday in an effort to resolve the year-long trade dispute.

Meanwhile, a positive opening in domestic equities supported the local unit and restricted the fall.

Brent crude futures, the global oil benchmark, rose 0.49 percent to $64.02 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 704.42 crore on Monday, as per provisional data.

Domestic bourses opened on a positive note day with benchmark indices Sensex trading 252.30 points up at 37,942.91 and Nifty up 74.35 points at 11,263.55.

Updated Date: Jul 30, 2019 12:03:27 IST