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Strong crude oil prices and risk aversion may put pressure on the market
In the opening trading on Tuesday, the Indian rupee depreciated 32 paisa against the US dollar to US$74.63 (US$20.33 against the UAE dirham), following the strength of the US dollar in overseas markets and the sluggish domestic stock market.
In the Indian inter-bank foreign exchange market, the rupee opened at 74.63, down 32 paisa from the previous close.
The U.S. dollar index, which measures the strength of the U.S. dollar against a basket of six currencies, rose 0.22% to 93.98.
Sriram Iyer, senior research analyst at Reliance Securities, said that the Indian rupee opened weaker against the U.S. dollar on Tuesday morning and followed the U.S. dollar’s strength.
In addition, he said that strong crude oil prices and risk aversion may put pressure on the market.
Iyer pointed out that most emerging markets and Asian currencies started to weaken on Tuesday morning and will suppress market sentiment.
In the Indian stock market, the 30-share Sensex index fell 107.03 points, or 0.18%, to 59,192.29. The broader NSE Nifty transaction price was 22.50 points, or 0.13%, to 17,668.75.
(Input from PTI)
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