Mumbai: The India rupee depreciated against the US dollar in early trade on Tuesday. As per forex traders, the massive withdrawal of foreign funds amid global economic turbulence triggered by the escalated tariff war weighed upon the Indian currency. A recovery in crude oil prices pulled the domestic currency further down even as it found some cushion due to a weaker American currency and strong recovery in the domestic equity markets.
At the interbank foreign exchange, the rupee opened at 85.89 and strengthened slightly to trade at 85.83 against the US dollar during initial deals, 7 paise lower than its previous closing level. The rupee settled 32 paise lower at 85.76 against the US dollar on Monday after losing 14 paise in the preceding session on Friday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.23 per cent lower at 102.73. Foreign institutional investors (FIIs) offloaded equities worth Rs 9,040.01 crore on a net basis on Monday.
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