Rupee falls 6 paise to 85.74 against US dollar

Mumbai: The rupee fell 6 paise to settle at 85.74 against the US dollar on Tuesday, as higher crude oil prices and outflow of foreign funds continued to weigh on the local unit.

Forex traders said the rupee pared some of its intraday losses as the American currency retreated from its elevated levels. Moreover, the recovery in the domestic equity market also aided sentiments.

At the interbank foreign exchange, the rupee opened at 85.77, touched the day’s peak of 85.65 and hit an intraday low of 85.80 against the greenback. The unit settled at 85.74 against the dollar, registering a fall of 6 paise from its previous close.

On Monday, the rupee settled 11 paise higher at 85.68 against the dollar. During intraday, the unit had hit the lowest-ever level of 85.84 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.30 per cent lower at 107.92. According to the World Gold Council, the RBI continued with its 2024 buying streak, adding a further 8 tonnes to its gold reserves in November. This lifted the year-to-date buying to 73 tonnes and total gold holdings to 876 tonnes, maintaining its position as the second largest buyer in 2024, after

Poland.