Mumbai: The Indian rupee depreciated sharply against the US dollar in early trade on Tuesday. As per forex traders, sustained dollar demand from oil importers and weak risk appetite weighed upon the Indian currency. Forex traders said the rupee continued to face pressure due to sustained foreign fund outflows and the strength of the American currency in the overseas market.
At the interbank foreign exchange, the Indian rupee opened at 86.53 then fell further to 86.57 against the American currency, registering a decline of 26 paise over its previous close. On Monday, the Indian rupee depreciated 9 paise to close at 86.31 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 107.86, higher by 0.49 per cent. Foreign Institutional Investors (FIIs) offloaded Rs 5,015.46 crore in the Indian capital markets on net basis on Monday.
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