The forex market was closed on Monday due to Holi.
The Indian rupee slipped 34 paise to close at 72.85 against the US dollar in open trade on Tuesday as a strong US currency on rising crude oil prices and investor sentiment.
In the interbank foreign exchange market, the domestic unit opened at 72.85 against the US dollar, a decline of 34 paise over the previous close.
The rupee had closed at 72.51 against the US currency on Friday.
The forex market was closed on Monday due to Holi.
Reliance Securities said in a research note that the rupee started this morning on a weaker note against the US dollar as risk appetite in broader financial markets eased and a strong greenback ensued.
In addition, most Asian currencies were weak this morning and will become sentimental.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, rose 0.01% to 92.94.
“The US dollar was flat against a basket of currencies in Asian trade. The Reliance Securities note states that, as treasury yields increase, inflation can be reduced.
Brent crude futures, the global oil benchmark, rose 0.11% to $ 65.05 a barrel.
On the domestic equity market front, the 30-share BSE benchmark Sensex was up 760.39 points at 49,768.89, and the NSE Nifty was up 233.40 points to trade at 14,740.70 points.
Foreign institutional investors were net sellers in the capital market on Friday, as they had shares worth ₹ 50.13 crore, according to exchange data.
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