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Indian rupee slips on high oil price, lower equity markets
The dollar index rose by 0.04% to 95.95.
PTI file
The Indian rupee declined seven paise to 74.67 against the US dollar (20.34 against the UAE dirham) in opening trade on Tuesday morning, weighed down by the strength of the American currency and muted Indian equities.
Forex traders said geopolitical tensions, sustained foreign fund outflows and elevated crude oil prices also dragged down the rupee.
Furthermore, investors will also await the outcome of the US Federal Reserve meeting this week.
At the Indian interbank foreign exchange, the rupee opened flat at 74.60 against the US dollar, then slipped further to 74.67, registering a decline of seven paise from the last close.
On Monday, the rupee had settled at 74.60 against the dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.04 per cent to 95.95.
“The safe-haven US dollar rose to a 2-week high against its major peers on Monday amid escalating worries about both a faster pace of Federal Reserve policy tightening and potential military conflict in Ukraine,” Reliance Securities said in a note.
Most of the Asian and emerging market peers have started weaker this Tuesday morning amid risk-off trades amid geopolitical tensions near the Ukraine border, the note added.
Meanwhile, global oil benchmark Brent jumped 0.54 per cent to $86.74 per barrel.
On the Indian equity market front, the 30-share Sensex was trading more than 305.79 points or 0.53 per cent lower at 57,185 points while broader NSE Nifty declined by 71.25 points or 0.42 per cent to 17,077 points.
(with inputs from PTI)
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