Rupee moves lower to 69.73 against dollar

The rupee depreciated by 8 paise to 69.73 against the dollar in early trade on Tuesday on increased demand for the US currency from importers. Besides, strength in dollar against major rival currencies on stronger US payroll data and rising crude prices also kept pressure on the rupee, dealers said.

The rupee opened at 69.65 at the forex market and then fell further to 69.73, down 8 paise over its last close. The local currency however pared the initial loss and was trading at 69.66 at 09:47 am. The rupee had declined by 44 paise to close at 69.67 against the dollar on Monday.

Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs. 329.60 crore on a net basis on Monday, as per provisional data.

Brent crude futures, the global oil benchmark, rose 0.13 per cent to $71.19 per barrel.

Meanwhile, domestic bourses opened on a cautious note on Tuesday with benchmark indices Sensex trading 96.38 points down at 38,796.91 and Nifty up 13.50 points at 11,618.00.

-PTI