The Indian rupee opened 9 paise lower against the US dollar on Tuesday after losses in Asian peers amid reduced risk appetite. The local currency opened at 82.03 dollars compared to the previous close of 81.94.
China’s offshore yuan fell below 7.18 to the dollar, not far from a year-to-date low after China lowered two major loans by 10 basis points, Reuters reported.
Other Asian currencies were down 0.1% to 0.3% and the dollar inched up to 102.56.
On Monday, the rupee was little changed at 81.94 against the US dollar.
The focus this week is on Federal Reserve Chairman Jerome Powell’s testimony to US lawmakers, which comes after the US central bank chose to pause last week after raising rates over the previous ten meetings, Reuters reported.
Crude oil prices traded lower after China cut benchmark lending rates.
Brent crude was down 5 cents at $76.04 a barrel, while US West Texas Intermediate (WTI) crude for August delivery was down 71 cents from Friday at $71.22 a barrel.
On the domestic front, the Indian equity indices Sensex and Nifty traded flat in the pre-opening session amid mixed global cues.
On Monday, the Foreign institutional investors (FIIs) sold net worth of Indian equities ₹1,030.90 crore, while Domestic Institutional Investors (DIIs) sold shares on a net basis ₹365.20 crore, according to the provisional data available on the exchanges.
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(With input from Reuters)
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Updated: 20 June 2023, 09:13 AM IST
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