Rupee Slips 4 Paise to 96.39 Against the US Dollar in Early Trade

Over a rise in crude oil prices and ongoing FII withdrawals, the rupee dropped 4 paise to 96.39 versus the US dollar in early trade on Tuesday. However, foreign exchange traders said that the local currency was shielded from additional losses by positive sentiments in the domestic equity markets and a weaker dollar index, PTI reports.

The rupee began at 96.29 on the interbank foreign exchange market, but it then dropped to 96.39, a 4 paise decline from its prior closing. In the interim, the dollar index, which gauges the strength of the greenback versus a basket of six currencies, was trading at 102.12, down o.04 percent.

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The international oil benchmark, Brent crude, increased by 0.23 percent in futures trading to 100.6 USD per barrel. Sensex climbed by 120.22 points to 72,535.41 in the early trade on the domestic equity market and Nifty increased by 47.15 points to 22,603.10. According to exchange data, Foreign Institutional Investors (FIIs) sold stocks for a net amount of Rs. 4,699.14 crore on Monday.

The RBI’s most recent repo rate increase occurred in February 2023, when it hiked the rate by 0.25 percent to 6.50 percent. It began its rate-cut cycle in 2025 after maintaining the rate constant from 2023-24. The RBI’s policy repo rate is now 5.25 percent.

(Disclaimer: Given the input is on an information basis, please seek professional advice.)