Mumbai: The Indian rupee continues to fall on Tuesday by 33 paise to 72.96 against the US dollar. The rupee has depreciated due to increased demand for the dollar from importers with an increase in crude oil prices.Also Read - Secrets To Running A Million-Dollar Company
The Brent crude, which is an international benchmark, crossed the mark of $81 a barrel. It increased by 3 per cent to trade at $81.28 a barrel. Also Read - Rupee Rises For Third Day, Up 27 Paise to 74.19 Per USD
Traders told PTI that besides sustained demand of the US currency from importers and dollar’s strength against some currencies overseas ahead of US Federal Reserve’s meet, a lower opening in the domestic equity markets too weighed on the domestic unit. Also Read - Closer Than Predicted US Presidential Contest Leaves Markets Uncertain
The rupee on Monday closed 43 paise lower at 72.63 against the US dollar after crude prices rose due to impending US sanctions on Iran.
Meanwhile, on a net basis, foreign funds sold shares worth Rs 523.94 crore, while domestic institutional investors bought shares to the tune of Rs 1,527.67 crore Monday, provisional data showed.
The benchmark BSE Sensex fell 79.02 points, or 0.22 per cent, to 36,226.
(With PTI Inputs)