The Indian rupee fell 33 paise to settle at 74.58 against the US dollar on Tuesday in the currency market, continuing its slide for the third straight session as a strong US dollar and higher crude oil prices weighed on investor sentiments. The local currency was also driven down by muted domestic equities and dollar buying by banks on behalf of importers, according to forex traders.
The local currency opened at 74.36 against the US dollar on the interbank foreign exchange market and fell to an intra-day low of 74.60 during the session. The rupee eventually finished at 74.58 against the dollar, down 33 paise from its previous closing of 74.25. The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.09 percent at 95.34. Meanwhile, the global oil benchmark, Brent crude futures, rose 0.99 percent to $ 87.34 a barrel.
The BSE Sensex fell 554.05 points, or 0.90 percent, to 60,754.86, while the broader NSE Nifty fell 195.05 points, or 1.07 percent, to 18,113.05. According to exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs. 855.47 crore.