Rupee weakens 4 paise in opening trade

Rupee weakens 4 paise in opening trade

The rupee depreciated 4 paise to 64.83 against the US dollar in opening trade at the forex market due to increased demand for the US currency from importers amid sustained foreign funds outflow, news agency PTI reported Tuesday.

However, a weak dollar in global markets helped the rupee limit its losses, dealers said.

Asian currencies were trading lower as investors look for cues from Jerome Powell’s first public comments at the House Financial Services Committee today to discuss the US Fed’s Semi-Annual Monetary Policy Report and the state of the economy.

On Monday the rupee had lost 6 paise to end at 64.79 against the US currency due to fag-end dollar demand from importers and corporates.

Meanwhile, the benchmark Sensex rose 132.64 points, or 0.38 percent, to 34,578.39 in early trade.

Foreign investors pulled out a net Rs 1,119.51 crore from stocks on Monday.

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    By: KN Web Desk

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