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Indian rupee slips 13 paise to 77.67 against US dollar in early trade

At the interbank foreign exchange, the rupee opened at 77.65 against the American dollar, then lost ground to quote at 77.67, registering a fall of 13 paise from the last close.

May 31, 2022 / 09:48 AM IST

The rupee slipped 13 paise to 77.67 against the US dollar in early trade on Tuesday, weighed down by the surge in crude oil prices. At the interbank foreign exchange, the rupee opened at 77.65 against the American dollar, then lost ground to quote at 77.67, registering a fall of 13 paise from the last close.

On Monday, the rupee settled at 77.54 against the US dollar. The rupee opened weaker against the dollar this Tuesday, tracking a surge in crude oil prices, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Global oil benchmark Brent crude futures rose 0.91 per cent to USD 122.78 per barrel. Moreover, Asian and emerging market peers were trading weaker this morning and could weigh on sentiments, he noted.

Investors will await the Q4 GDP and monthly fiscal deficit data for further cues, Iyer said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 101.64.

On the domestic equity market front, the 30-share Sensex was trading 366.85 points or 0.66 per cent lower at 55,558.89, while the broader NSE Nifty declined 98.90 points or 0.59 per cent to 16,562.50. Foreign institutional investors purchased shares worth Rs 502.08 crore on Monday, as per stock exchange data.

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(With PTI inputs)
Moneycontrol News
first published: May 31, 2022 09:48 am
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