On Monday, the rupee had stabilized from 52 paise to 81.85 against the dollar
The Indian rupee was down 24 paise at 82.09 against the US dollar (22.36 against the UAE dirham) in early trading on Tuesday, as heavy selling pressure in Indian stocks and rising market prices crude weighed on investor sentiment.
Additionally, outflows of foreign funds put pressure on the rupiah, traders said.
On Monday, the rupee stabilized 52 paise at 81.85 against the dollar.
In the Indian interbank foreign exchange market, the rupee opened weakly at 81.94 against the dollar on Tuesday, then slipped further to 82.09, registering a drop of 24 paise from its previous close.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.07% to 105.22.
Brent futures, the global oil benchmark, rose 0.94% to $83.46 a barrel.
On the Indian stock market, the 30-share BSE Sensex traded 353.44 points or 0.56% lower at 62,481.16. The broader NSE Nifty fell 99.30 points or 0.53% to 18,601.75.
Foreign institutional investors (FIIs) were net sellers in capital markets on Monday as they sold shares worth Rs 1,139.07 crore, according to data from the exchange.
The Reserve Bank of India’s rate-setting committee on Monday began pondering the next monetary policy cycle amid expectations of a moderate rise in interest rates of 25 to 35 basis points, inflation beginning to show signs of slowing and declining economic growth.
The RBI has raised the benchmark lending rate by 50 basis points (bps) three times since June, on top of a 40 bps off-cycle repo increase in May.
RBI Governor Shaktikanta Das will announce the bi-monthly monetary policy on Wednesday, December 7 following the three-day meeting of the Monetary Policy Committee (MPC).
(With PTI entries)
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