New Delhi,(thestates.news) : The rupee opened at 80 against the US dollar on the interbank foreign exchange market. It then lost ground to quote at 80.05, a 7-paise drop from the previous close. In early trade, the local currency also reached 79.90 against the US dollar. In early trade on Tuesday, the rupee fell 7 paise to an all-time low of 80.05 against the US dollar, tracking the strength of the American currency and firm crude oil prices. The rupee opened at 80 against the US dollar on the interbank foreign exchange, then fell to 80.05, a 7-paise drop from the previous close. In early trade, the local currency also reached 79.90 against the US dollar. On Monday, the rupee fell to an intra-day low of 80 against the US dollar for the first time, before closing the session 16 paise lower at 79.98, owing to a surge in crude oil prices and unrelenting foreign fund outflows.
The rupee opened lower on Tuesday morning, weighed down by outflows and high oil prices, according to Sriram Iyer, Senior Research Analyst at Reliance Securities, who added that the Reserve Bank of India’s (RBI) lack of intervention could also weigh on sentiments. According to Iyer, the USD/INR pair’s range for Tuesday’s session is 79.75-80.12.(H.S)