Indian rupee slips 18 paise; opens at 67.61 per dollar

The Indian rupee slipped in the early trade on Tuesday. It has opened lower by 18 paise at 67.61 per dollar on Tuesday versus 67.43 yesterday.

The Indian rupee on Monday closed at two-week highs as falling crude oil prices ease inflation and trade deficit worries. Rupee ended at 67.43 against the US dollar—a level last seen on 11 May.

Rupee rose against the US dollar for the third successive session on suspected RBI interventions and falling global crude oil prices supported overall market sentiment. In the past few sessions RBI has been actively intervening to curb the volatility for the rupee. But at the same time, falling global crude oil prices also supported the currency, said Motilal Oswal.

In the last couple of sessions crude has come under pressure on back of reports that Saudi and Russia would pump more crude to ease a potential shortfall in supply. Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by some 1 million barrels per day to make up potential supply shortfalls from Venezuela and Iran.

For the day, rupee is expected to open flat and could quote in the range of 67.50 and 68.05, it added.