Rupee Slumps Against US Dollar At Close
The Indian rupee closed 19 paise weaker at 84.44 against the US dollar on Tuesday.
The Indian rupee closed 19 paise weaker at 84.44 against the US dollar on Tuesday, according to Bloomberg data after opening 3 paise weaker at 84.28 a dollar. The result of US Fed meeting, which is scheduled for Tuesday and Wednesday, will be pivotal in dictating rupee's movement.
The local currency closed 31 paise stronger at 84.25 against the US dollar on Monday after clocking its highest intraday at 83.75 on Friday. It pared gains and closed 84.56 against the greenback on Friday.
The US dollar Index declined 0.13% to trade at 99.5 as of 3:15 p.m. on Tuesday. "The dollar struggled to make headway on Tuesday as an unprecedented two-day surge in Taiwanese dollar spilled into other Asian currencies and highlighted the fragility of the US currency," according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
Brent Crude revived from its losing streak and was trading 1.70% higher at approximately $62 a barrel.
