The rupee fell 5 paise to 82.95 against the US dollar on Tuesday due to robust oil prices and foreign fund outflows.
At the interbank forex market, the rupee opened at 82.94 against the dollar, down 4 paise from the previous close of 82.90.
The local currency moved within a tight range of 82.93 to 82.95 against a dollar during early deals. The rupee was trading at 82.95, down 5 paise, against the US dollar at 9.15 am.
Stronger US dollar yields and firm bonds ahead of the US Fed rate decision also weighed on the local unit, forex dealers said.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.20 percent to 103.64.
Brent crude, the global benchmark for crude oil, also remained above $86 a barrel, trading at a four-month high.
Losses in local equities also weighed on the rupee. Benchmark BSE Sensex fell 398.79 points or 0.55 per cent to 72,349.63, while the broader Nifty fell 120.10 points or 0.54 per cent to 21,935.60.
Foreign institutional investors (FIIs) offloaded shares worth Rs 2,051.09 crore on Monday, according to stock market data.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: March 19, 2024 | 10:22 am IST