Rupee drops to ₹94.69 as dollar nears 13-month high
The Indian rupee dropped six paise to ₹94.69 versus the US dollar in early Tuesday trading.
This dip happened as the dollar stayed strong, almost at a 13-month high, thanks to talk of a possible US interest rate hike and positive vibes around U.S.-Iran peace talks.
Other major currencies like the yen and the pound also struggled, making the US dollar even tougher.
Foreign investors sell ₹635.91cr in shares
India's stock markets took a hit, with Sensex down 57.43 points and Nifty dropping 31.6 points.
Foreign investors sold off ₹635.91 crore in shares yesterday, adding more pressure on the rupee.
On the bright side, slightly lower global oil prices gave a bit of support.
Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said, "The rupee will remain in a range of 94.20 to 94.90 for the day with upticks to the dollar to be sold off," as global uncertainty continues to weigh on local markets.