Rupee Falls By 9 Paise At 70.46 Against US Dollar
New Delhi: The rupee on Tuesday depreciated by 9 paise to 70.55 against the US during early trade at the interbank foreign exchange. The fall in the value of the domestic currency comes amid strengthening of the US dollar and rising crude oil prices.
Forex dealers opined that fresh demand for the American currency from importers with rise in crude prices bogged down the domestic unit. On Tuesday, the rupee opened lower at 70.50 per dollar and dropped further to 70.55- 9 paise down over its previous close.
On Monday, the domestic currency has scaled its four-day rising streak and dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency.
Crude oil prices also surged over 1.07 per cent to USD 62.35 per barrel in global markets. This happened after Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman agreed to extend their agreement to limit production to arrest a slump in global prices.
The BSE benchmark dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by foreign investors.