Rupee declines 16 paise to 75.52; extends losses for third consecutive day

Falling for the third consecutive day, the Indian rupee weakened further by 16 paise to end at 75.52 against the US dollar on Tuesday, weighed down by a strong dollar buy  in the overseas market and firm crude oil prices.

At the interbank Foreign exchange market, the rupee opened at 75.41 and witnessed an intra-day high of 75.16 and a low of 75.66 against the U.S. dollar in the day trade and finally settled at 75.52 a dollar, down 16 paise over its previous close. Yesterday, the rupee slid by 37 paise to close at a 15-month low of 75.36 against the U.S. dollar. The dollar index, which gauges the Dollar’s strength against a basket of six currencies, was trading 0.02 percent up at 94.33. Meanwhile Brent crude futures, the global oil benchmark, advanced 0.29percent to USD83.89 per barrel.

On the domestic equity market front, the BSE Sensex ended 148.53 points or 0.25 percent higher at 60,284.31, while the broader NSE Nifty advanced 46.00 points or 0.26percent to 17,991.95. Meanwhile, Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs1,303.22 crore, as per exchange data.

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