The rupee depreciated by 7 paise to 82.70 (provisional) against the U.S. dollar on Tuesday as the strength of the American currency in the overseas market weighed on investor sentiments.
A positive trend in domestic equities, foreign capital inflows and a steep fall in the crude prices capped the losses in the domestic unit, forex traders said.
The U.S. dollar stayed above the 104 level as investors were upbeat on the positive development on the debt ceiling bill, which is likely to face voting this week.
Meanwhile, concerns over the U.S. payroll data to be released on Friday restricted participants from trading in the volatile market.
At the interbank foreign exchange market, the local unit opened flat at 82.63 against the U.S. dollar and hit the lowest level of 82.79. It finally settled at 82.71 (provisional), registering a fall of 8 paise over its previous close.
On Monday, the rupee closed at 82.63 against the U.S. currency.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.10% to 104.10.
Global oil benchmark Brent crude futures declined 2.06% to $75.48 per barrel.
On the domestic equity market front, the 30-share BSE Sensex advanced 122.75 points or 0.20% to end the session at 62,969.13 points, and the broader NSE Nifty rose 35.20 points or 0.19% to 18,633.85 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth ₹1,758.16 crore, according to exchange data.
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