Rupee settles 7 paise lower at 73.86 against US dollar

The rupee depreciated 7 paise to settle at 73.86 (provisional) against the US dollar on Tuesday, as investors await fresh cues from the US Presidential debate and economic calendar this week.

At the interbank forex market, the domestic unit opened at 73.78 against the US dollar, and finally closed at 73.86 against the greenback, registering a fall of 7 paise over its previous close.

On Monday, the rupee settled at 73.79 against the US dollar.

During the session, the local unit witnessed an intra-day high of 73.75 and a low of 73.91 against the American currency.

Forex traders said investors are looking for cues from the first presidential debate between US President Donald Trump and Democratic candidate Joe Biden, set for later in the day.

Moreover, investors are cautious ahead of the RBI policy statement that was supposed to be released this week. But the meeting is now postponed and dates of the same will be announced shortly.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09% to 94.19.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 116.97 points higher at 38,098.60, and the broader NSE Nifty advanced 34.75 points to 11,262.30.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 26.98 crore on a net basis on Monday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.75% to USD 42.11 per barrel.