Rupee falls 14 paise to 76.05 against US dollar in early trade

Mumbai: The rupee declined 14 paise to 76.05 against the US dollar in the opening trade on Tuesday tracking the strengthening of the American currency in the overseas market and a negative trend in domestic equities.
At the interbank foreign exchange, the rupee opened lower at 76.05 against the US dollar, registering a decline of 14 paise over its previous close.

On Monday, the rupee rose marginally to 75.91 against the US dollar.

“Most Asian and emerging market peers are trading weaker against the US dollar this Tuesday morning, and rebounding crude oil prices could weigh on sentiments,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

However, the big trigger for the markets will be Indian and US CPI inflation data, Iyer noted.

Global oil benchmark Brent crude futures advanced 1.73 per cent to USD 100.18 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.07 per cent to 99.99.

On the domestic equity market front, the 30-share Sensex was trading 479.46 points or 0.81 per cent lower at 58,485.11, while the broader NSE Nifty slipped 172.75 points, or 0.98 per cent, to 17,502.20.

Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 1,145.24 crore, according to stock exchange data.