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They were weighed down by a strong dollar after better-than-expected US retail sales data clouded hopes of a smaller rate hike
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Time to remit: Indian rupee weakens against UAE dirham in early trade
Rupee falls below 76 against the US dollar
Reuters file
The Indian rupee declined 14 paise to 76.05 against the US dollar (20.72 against the UAE dirham) in the opening trade on Tuesday tracking the strengthening of the American currency in the overseas market and a negative trend in Indian equities.
At the Indian interbank foreign exchange, the rupee opened lower at 76.05 against the US dollar, registering a decline of 14 paise over its previous close.
On Monday, the rupee rose marginally to 75.91 against the US dollar.
"Most Asian and emerging market peers are trading weaker against the US dollar this Tuesday morning, and rebounding crude oil prices could weigh on sentiments," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
However, the big trigger for the markets will be Indian and US CPI inflation data, Iyer noted.
Global oil benchmark Brent crude futures advanced 1.73 per cent to $100.18 per barrel.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, surged 0.07 per cent to 99.99.
On the Indian equity market front, the 30-share Sensex was trading 479.46 points or 0.81 per cent lower at 58,485.11, while the broader NSE Nifty slipped 172.75 points, or 0.98 per cent, to 17,502.20.
(with inputs from PTI)
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