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Rupee slips 8 paise to 69.73 in early trade on increased demand for US currency from importers, rise in crude prices

Mumbai: The rupee depreciated by 8 paise to 69.73 against the US dollar in early trade on Tuesday on increased demand for the US currency from importers.

 Rupee slips 8 paise to 69.73 in early trade on increased demand for US currency from importers, rise in crude prices

Representational image. Reuters.

Besides, strength in dollar against major rival currencies on stronger US payroll data and rising crude prices also kept pressure on the Indian rupee, dealers said.

However, a higher opening in domestic equities helped in restricting the slide in the Indian unit to some extent, they added.

The rupee opened at 69.65 at the interbank forex market and then fell further to 69.73, down 8 paise over its last close. The local currency however pared the initial loss and was trading at 69.66.

The rupee had declined by 44 paise to close at 69.67 against the US dollar Monday.

Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 329.60 crore on a net basis Monday, as per provisional data.

Brent crude futures, the global oil benchmark, rose 0.13 percent to $71.19 per barrel.

Meanwhile, domestic bourses opened on a cautious note Tuesday with benchmark indices Sensex trading 96.38 points down at 38,796.91 and Nifty up 13.50 points at 11,618.00.

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Updated Date: Apr 09, 2019 10:55:05 IST

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