Rupee drops 13 paise to 73.73 against the US dollar early

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The rupee opened on a weak note at 73.67.

The rupee depreciated 13 peas to 73.73 p.

In the interbank forex market, the rupee opened on a low note at 73.67, then fell further to 73.73, recording a decline of 13 paise on its last close.

The rupee stood at 73.60 against the US dollar on Tuesday.

Forex traders said the strength of the dollar, subdued domestic stocks and sustained outflows of foreign funds weighed on investor sentiment. In addition, tensions at the Indochinese border have dampened investor sentiment too much.

India said on Tuesday that Chinese troops tried to move closer to its position in eastern Ladakh a day earlier and fired shots into the air, in a rapid escalation of tensions where weapons were fire were in use along the Line of Real Control (LAC) after 45 years.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.02% to 93.46.

On the domestic stock market front, the 30-stock Sensex benchmark on BSE was trading 329.26 points lower at 38,036.09 and, more broadly, NSE Nifty, 89.05 points at 11,228.30.

Foreign institutional investors were net sellers in the capital market as they unloaded shares worth ₹ 1,056.52 crore on a net basis on Tuesday, according to preliminary exchange data.

Futures on Brent crude, the world’s benchmark for oil, fell 0.45% to $ 39.60 per barrel.

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