The Indian rupee gained 6 paise against the US dollar on Tuesday, reaching 83.31.
This was attributed to the decrease in crude oil prices in the global market.
However, it faced resistance due to subdued sentiment in the domestic stock market and a stronger US dollar.
The rupee opened at 83.32 and then rose to 83.31 against the dollar, marking a 6 paise increase from the previous closing level of 83.37 on Friday.
The dollar index, which measures the dollar’s strength against other currencies, was at 104.57, up by 0.11%. The strengthening dollar was linked to higher US treasury yields, despite the Federal Reserve indicating the need for more time to assess inflation progress.
Brent crude futures fell by 0.54% to USD 83.26 per barrel. In the domestic stock market, the 30-share BSE Sensex was down by 0.10% at 73,934.76 points, and the broader NSE Nifty dropped by 0.05% to 22,490.00 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets during a special trading session on Saturday, offloading shares worth Rs 92.95 crore, according to exchange data.
