The rupee ended 9 paise lower at 79.04 against the US dollar in early trade on Tuesday, driven by continued foreign fund outflows.
At the interbank foreign exchange, the rupee opened at 79.04 against the US dollar, recording a fall of 9 paise over its previous close.
On Monday, the rupee had closed at 78.95 against the US dollar.
According to Sriram Iyer, Senior Research Analyst, Reliance Securities, the rupee is expected to remain in a narrow range this Tuesday against the dollar.
Mr. Iyer said, “Strong crude oil, weak Asian and emerging market currencies, a rising dollar and benchmark bond yields may limit the appreciation bias. However, equity futures in Asia have opened with gains and offset the depreciation bias,” Mr. Iyer said. can limit.”
On the domestic equity market front, the 30-share Sensex was trading 267.65 points or 0.50% higher at 53,502.42, while the broader NSE Nifty was trading 89.10 points or 0.56% higher at 15,924.45.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.14.
Global oil benchmark Brent crude futures fell 0.03% to $113.47 a barrel.
Foreign institutional investors remained net sellers in the capital markets on Monday as they offloaded shares worth Rs 2,149.56 crore, according to exchange data.