The rupee depreciated 25 paise to 95.33 against the US dollar in early trade on Thursday as Brent crude price crossed the USD 100 dollar mark sharply increasing concerns over India’s import bill.
Forex traders said elevated crude oil prices and persistent dollar demand also weighed on investor sentiments.
At the interbank foreign exchange market, the rupee opened at 95.15 against the US dollar, then lost ground to touch 95.33 against the American currency, registering a loss of 25 paise from its previous close.
On Wednesday, the rupee slumped 34 paise to close at 95.08 against the American currency.
“Rupee’s move beyond the psychologically important 95 level also triggered some additional dollar demand and stop-loss activity. However, the decline was contained by RBI intervention,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was
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