Rupee slips 12 paise, opens at 66.85 per dollar

The Indian rupee declined in the early trade on Tuesday. It has opened lower by 12 paise at 66.85 per dollar versus 66.73 Monday.Ashutosh Raina of HDFC Bank said, "The slide in oil prices has resulted in re-emergence of dollar buying after Organization of the Petroleum Exporting Countries (OPEC) failed to agree on production cut last week. The US Fed is widely expected to raise rates at the next week's Federal Open Market Committee (FOMC) meeting after a solid jobs growth in November."He further added, "The USD-INR pair after touching the recent lows of 67/dollar has been helped by some aggressive intervention from Reserve Bank of India (RBI). The pair is expected to trade in the 66.50-67.50/dollar range going into FOMC meeting next week."The dollar rose broadly on expectations the US Federal Reserve is on track to raise interest rates next week following a solid November jobs report.