Mumbai: The Indian rupee declined against the US dollar in early trade on Tuesday. As per forex traders, the strengthening of US dollar k, sustained foreign fund outflows, and a rise in Brent crude prices weighed upon the Indian currency. A rebound in the domestic equity markets prevented further fall in the domestic currency.
At the interbank foreign exchange, the local currency opened at 86.83, before sliding further to 86.88, down 16 paise from Monday’s close of 86.72. Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 6,286.70 crore on a net basis on Monday.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, rose 0.03 per cent to 106.62. Brent crude, the global oil benchmark, went up 0.51 per cent to 75.16 per barrel in futures trade.
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