Rupee that opened weak today, slips further by 26 paise

Due to the rising demand of the US Dollar, the rupee today has weakened by 26 paise to 72.76 per dollar against the US Dollar on Monday. The increasing crude oil prices has increased the demand for the American currency from the importers.

On Friday, the rupee rose by 50 paise to end at 72.50 per US dollar Friday on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark.

But, the international benchmark, Brent crude again breached the $71 a barrel mark by surging 1.21 percent. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

At the Interbank forex market, the rupee opened lower at 72.74 and slipped further to quote at 72.76 against US dollar, down 26 paise over its previous close.

Meanwhile, on net basis, foreign funds bought shares worth Rs. 614.14 crore, while domestic institutional investors sold shares to the tune of Rs. 337.28 crore Friday, provisional data showed.

The benchmark BSE Sensex rose 99.26 points, or 0.25 per cent to 35,257.81.