Rupee declines 5 paise to 82.95 against US dollar on firm crude prices

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The rupee declined 5 paise at 82.95 against the US dollar on Tuesday due to firm crude oil prices and foreign fund outflows.

At the interbank foreign exchange market, the rupee opened at 82.94 to a dollar, down 4 paise over the previous close of 82.90.

The local currency moved in a tight range of 82.93 to 82.95 to a dollar in early deals. The rupee traded at 82.95, down 5 paise, against the US dollar at 9.15 am.

A stronger US dollar and firm bond yields ahead of the US Fed interest rate decision also weighed on the local unit, forex dealers said.

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The US dollar index, which measures the greenback’s strength against a basket of six currencies gained 0.20 per cent to 103.64.

Brent crude, the global crude oil benchmark, also stayed above $86 per barrel to trade at around four-month high levels.

Losses in local stocks also weighed on the rupee. Benchmark BSE Sensex declined by 398.79 points or 0.55 per cent to 72,349.63 while broader Nifty dropped 120.10 points or 0.54 per cent to 21,935.60.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,051.09 crore on Monday, according to exchange data.