Rupee weak again: 5 paise down at 89.73 in early trade, FII withdrawals and stock market decline increase concerns

Mumbai. The rupee fell five paise to 89.73 per dollar in early trade on Tuesday amid foreign capital withdrawal and weak trend in domestic stock markets. Forex traders said the weakening of the dollar and fall in global crude oil prices supported the local currency at lower levels. The local currency opened at 89.67 against the dollar in the interbank foreign exchange market.

However, it later slipped to 89.73 per dollar, which shows a decline of five paise from the previous closing price. The rupee had closed at 89.68 against the US dollar on Monday. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, was down 0.20 per cent at 98.08.

On the domestic stock market front, Sensex fell by 116.57 points in early trade to 85,450.91 points while Nifty slipped by 27.15 points to 26,145.25 points. International standard Brent crude fell 0.12 percent to $ 61.99 per barrel. According to stock market data, foreign institutional investors (FIIs) were sellers on Monday and sold shares worth a net Rs 457.34 crore.