Forex traders said the rupee slipped to 94.58 against the US dollar, driven by month-end corporate import demand and lingering risk-off sentiment. However, relatively stable global crude prices and anticipated central bank interventions supported the currency and restricted the slide.
At the interbank foreign exchange market, the rupee opened at 94.60 against the American currency and finally closed for the day at 94.65 (provisional), registering a decline of 14 paise from its previous close.
On Monday, the rupee pared initial gains and settled lower by 6 paise at 94.51 against the dollar.
“The Indian rupee depreciated for the third consecutive session, weighed down by persistent safe-haven flows into the greenback and strong corporate dollar demand. Broader risk-off sentiment across global markets continues to keep the domestic currency under pressure,” Dilip Parmar, Research Analyst, HDFC Securities, said.
