Rupee slips 5 paise to close at 74.74 against US dollar
The rupee declined 5 paise to close at 74.74 (provisional) against the US dollar on Tuesday, tracking the strength of the American currency in the overseas market and elevated crude oil prices.
At the interbank foreign exchange, the rupee opened at 74.65 against the American dollar, and later witnessed an intra-day high of 74.57 and a low of 74.80 against the greenback.
The local unit finally ended the day at 74.74, down 5 paise from the previous close.
In the previous session on Friday, the rupee had settled at 74.69 against the greenback.
The forex market was closed on Monday.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.25 per cent higher at 95.63.
“The rupee depreciated against the dollar on importer covering and broad-based strength in dollar index. Dollar index gained after US yields soared amid prospects of faster policy normalisation by the Federal Reserve,” said…