Indian Rupee Drops Against Dollar In Early Trade

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Fresh foreign inflows restricted the decrease from the local unit, traders said.

The rupee depreciated by 9 paise to 70.55 against the US dollar in early trade Tuesday at the interbank foreign market, amid strengthening of the US dollar and increasing crude oil rates.
Forex traders said new demand for the American currency from importers amid rise in crude prices weighed against the domestic unit. Besides, investors were treading the careful path ahead of the RBI policy decision.
The rupee opened at 70.50 a dollar and fell further to quote 70.55, 9 paise down over its previous close.

Against the UAE dirham, the rupee was trading at 20.05 at 6:40am (UAE time), according to XE.com.

On Monday, the local unit snapped its four-day rising series and fell from 88 paise, its largest single-day reduction in more than three months, to close at 70.46 against the US currency.
Dealers said, new foreign inflows restricted the decline in the neighborhood unit.
Foreign institutional investors (FIIs) made fresh purchases worth Rs 293.12 crore Monday, as per provisional data.
The BSE benchmark dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by foreign investors.
The 30-share indicator was trading 133.27 points, or 0.37 percent, reduced at 36,107.73 in 0945 hrs.

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