The Indian rupee has slipped against the US dollar and is trading at a 1-month low. This is the first time since August 27 that the Indian currency is trading above 74 per dollar.
The Indian rupee has weakened against the US dollar during Tuesday's session, hitting the lowest intraday level recorded in a month. It moved above the 74-mark against the greenback for the first time since August 27.
At the interbank foreign exchange, the rupee opened at 73.79 against the dollar, then edged higher to 73.75, up 8 paise over its previous close and now it has slipped against the dollar.
On Monday, the rupee had settled at 73.83 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 percent to 93.44 in the morning.
The Indian rupee opened on a flat note this Tuesday morning against the dollar, tracking the strength of the greenback and strong crude oil prices, Reliance Securities said in a research note.
Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 594.63 crore, as per exchange data.
On the domestic equity market front, Indian equity benchmarks Sensex and Nifty50 tanked on Tuesday dragged by losses in financial and IT shares. Real estate stocks -- which had surged in the recent past -- also suffered sharp losses, with the Nifty Realty index falling nearly four percent. Broader markets also fell in afternoon deals, with the midcap and smallcap indices down around 0.7 percent each.
(Edited by : Anshul)
First Published: IST