The Indian rupee depreciated three paise to reach 84.28 against the dollar at the open on Tuesday. The currency had strengthened 11 paise against the US dollar to open at 84.25 on Monday and extended its gain at close as well.
The local closed 31 paise stronger at 84.25 against the US dollar on Monday. On Friday, the local legal tender had closed 7 paise weaker at 84.30 to the dollar after reaching a seven-month intraday high of 83.75.
"The rupee may remain in the range of 84.00 to 84.75 with downticks to the $ getting bought and upticks getting sold," said Finrex Treasury Advisors LLP's Head of Treasury and Executive Director Anil Kumar Bhansali.
The US Dollar index was trading with minimal change at 99.64 as of 9:05 a.m. on Tuesday.
Brent crude prices also saw a slight rebound from their losing streak; as of 9:05 a.m., the global benchmark rose nearly 0.1% to trade in the green at approximately $61 a barrel.
"Brent has recovered a bit to USD 61 per barrel after dropping below 60 on OPEC's decision to go ahead with prediction hikes despite such suppressed levels," said Abhishek Goenka, founder & CEO of India Forex Asset Management – IFA Global.
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