Mumbai: On Tuesday, the Indian rupee weakened by 22 paise to trade at 69.36 to the US dollar in early trade owing to increased demand for the greenback from importers and banks. At the interbank foreign exchange market, the rupee opened lower at 69.32 and weakened further to 69.37 to the US dollar. However, it recovered partially to quote at 69.36 against the dollar at 0912 hours. The Indian unit had appreciated by 16 paise on Friday to close at 69.14. The forex market was closed on Monday. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 898.79 crore Monday, as per provisional data.
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Here it is to be noted that Brent crude futures, the global oil benchmark, rose 0.23 per cent to trade at USD 67.17 per barrel. Meanwhile, the BSE benchmark Sensex was quoted above 39,000-level and the NSE Nifty went past the key 11,700-mark in early deals on Tuesday.
While on Friday closing the rupee appreciated by 16 paise Friday to close at 69.14 against the US dollar on persistent foreign fund inflows and heavy buying in domestic equities. A positive trend in the global equity markets, driven by optimism surrounding the ongoing US-China trade talks, also propped up the rupee, analysts said. At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 69.20 but surrendered the gains to slip to a low of 69.32. However, it clawed back lost ground and finally ended at 69.14, up 16 paise over its previous close.