Indian Rupee slips by 11 paise to 74.35 on stronger dollar

The local currency on Tuesday declined by 11 paise to close at 74.35 against the US currency due to a stronger dollar in the overseas markets. At the interbank foreign exchange market, the rupee opened flat at 74.23 against the greenback but later slipped to close at 74.35. On Friday, the rupee had settled at 74.24 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 percent higher at 92.68.

As per analysts, Investors will focus on the retail sales number that will be released from the US. A weaker-than-expected number could keep gains capped for the dollar. Brent crude futures, the global oil benchmark, fell 0.37 percent to USD 69.25 per barrel.

On the share market front, the BSE Sensex ended 209.69 points or 0.38 percent higher at 55,792.27, while the broader NSE Nifty advanced 51.55 points or 0.31 percent to 16,614.60. Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,088.32 crore, according to the exchange data.

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