Rupee slips 13 points to 73.51 against the US dollar early

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Foreign institutional investors were net sellers in the capital market as they unloaded shares worth ₹ 539.81 crore on Monday, according to provisional exchange data.

The rupee depreciated 13 peas to 73.51 against the US dollar when the trade opened on Tuesday, following muted domestic actions.

In the interbank forex market, the rupee opened on a weak note at 73.50, then fell further to 73.51, recording a decline of 13 paise on its last close. The rupee strengthened 7 points to close at 73.38 against the US dollar on Monday.

“Most Asian currencies started to weaken on Monday and may weigh on sentiment,” Reliance Securities said in a research note. Markets could also follow weakness in stocks. Most Asian stocks started off on a negative note on global risk aversion, he added.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.14% to 93.52.

On the domestic stock market front, the benchmark of 30 BSE Sensex stocks traded 290.04 points lower at 37,744.10 and wider NSE Nifty slipped 95.10 points to 11,155 , 45.

Foreign institutional investors were net sellers in the capital market as they unloaded shares worth ₹ 539.81 crore on Monday, according to provisional exchange data.

Futures contracts on Brent, the world’s benchmark for oil, rose 0.46% to $ 41.63 per barrel.

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