Mumbai: The rupee depreciated by 14 paise to 82.08 against the US dollar in early trade Tuesday amid negative sentiments in the domestic as well as global equity markets and the outflow of foreign funds.
The Indian currency was hit by massive selling in equities by foreign investors and lower participation in dollar trade as the US market observed a holiday Monday, analysts said.
At the interbank foreign exchange, the domestic unit opened lower at 82.03. During intra-day, the unit hit the lowest level of 82.09 and touched the peak of 82.03. Later, the Indian currency was trading at 82.08, registering a fall of 14 paise over its previous close.
On Monday, the rupee settled at 81.94 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.05 per cent at 102.47.
Crude oil price benchmark Brent crude was trading 0.09 per cent lower at USD 76.02 per barrel.
In the domestic equity market, the 30-share BSE Sensex declined 168.54 points or 0.27 per cent to 62,999.76, while broader NSE Nifty fell 54.35 points or 0.29 per cent to 18,701.10.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets Monday as they sold shares worth Rs 1,030.90 crore, according to exchange data.