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Rupee slips 11 paise against US dollar

Prime News, National and International, Business, Mumbai, July 2:- The rupee opened on a cautious note and fell11 paise to Rs 69.05 against the US dollar in early trade on Tuesday amid strengthening of the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.

Forex traders said rupee is expected to trade in a narrow range as market participants will keep a close watch on the Union budget this week, that could trigger volatility in the local unit.

At the Interbank Foreign Exchange, the rupee opened at Rs 69.02 then fell to Rs 69.05 against the US dollar, showing a decline of 11 paise over its previous closing. The Indian rupee on Monday had closed at Rs 68.94 against the US dollar.

Traders said some easing in brent crude prices and foreign fund inflows supported the domestic currency and restricted the downfall. Meanwhile, brent crude futures, the global oil benchmark, fell 0.22 per cent to USD 64.92 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 426.53 crore on Monday, as per provisional data.

Domestic bourses opened on a cautious note on Tuesday with benchmark indices Sensex trading 7.50 points up at 39,694.00 and Nifty up 3.75 points at 11,869.35. (Inputs: Agencies, NGB)

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