Financials News

Rupee weakens 4 paise against US dollar in opening trade

Rupee weakens 4 paise against US dollar in opening trade

Mumbai: The rupee depreciated 4 paise to 64.83 against the US dollar in opening trade on Tuesday at the forex market due to increased demand for the US currency from importers amid sustained foreign funds outflow.

However, a weak dollar in global markets helped the rupee limit its losses, dealers said.

Asian currencies were trading lower as investors look fro cues from Jerome Powell s first public comments at the House Financial Services Committee today to discuss the US Fed s Semi-Annual Monetary Policy Report and the state of the economy.

On Monday, the rupee had lost 6 paise to end at 64.79 against the US currency due to fag-end dollar demand from importers and corporates.

Meanwhile, the benchmark Sensex rose 132.64 points, or 0.38 per cent, to 34,578.39 in early trade.

Foreign investors pulled out a net Rs 1,119.51 crore from stocks on Monday.

PTI