Millennium Post

Rs slips further 3p to 70.49 per $ as crude climbs up

Mumbai: The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices. Forex traders said the dollar strengthening against major global currencies overseas and losses in the domestic equity market also weighed on the local unit.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.50 and fell further to touch the day's low of 70.68 a dollar. The domestic currency, however, pared some losses and finally ended at 70.49 per dollar, down by 3 paise against its previous close.

On Monday, the rupee had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency. The rupee came under pressure following heavy selling in domestic equities and rise in crude oil prices. Brent crude, the international benchmark, again and was quoted at USD 63.09 per barrel Tuesday.

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