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Rupee slides as broader markets jittery, breaches key level

The partially convertible rupee eased to 81.72 per dollar, compared to its previous close of 81.390.

January 24, 2023 / 04:31 PM IST
Rupee

Rupee

The Indian rupee weakened on Tuesday to close just below a key technical level, amid mixed cues from Asian markets and as the dollar index attempted to gain.

The partially convertible rupee eased to 81.72 per dollar, compared to its previous close of 81.390. The currency breached its 100-day moving average of 81.733 late in the session, falling 0.7% in two sessions.

Traders had earlier cited fixing-related dollar demand and stop losses of speculators being triggered after the Reserve Bank of India (RBI) was suspected to be in the market on Monday.

"Oil companies seem to have again started buying dollars and keeping USD/INR well bid, also the dollar index has crossed the 102 level after getting support at 101.50," said Anil Bhansali, head of treasury at Finrex Treasury Advisors.