Rupee slips 18 paise to 1-mth low
Ends at 74.78/USD on forex outflows
image for illustrative purpose
Mumbai: The rupee on Tuesday depreciated by 18 paise to close at a nearly one-month low of 74.78 against the US dollar due to month-end dollar demand from oil importers, forex outflows and a stronger dollar in overseas markets.
Investors' weak appetite for riskier assets also weighed on the rupee. Moreover, market participants are now eyeing the US Fed's meeting outcome for further cues. At the interbank foreign exchange (forex) market, the local currency opened at 74.60 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.80 during the session.
The rupee finally settled at 74.78, down by 18 paise over its previous close of 74.60. This is the second straight session of loss for the local unit and the lowest closing level since December 27, 2021.
