Rupee opens 3 paise lower against US dollar
NEW DELHI: The rupee on Tuesday opened 3 paise lower at 67.45 against the US dollar.
The domestic currency on Monday staged a recovery to close 8 paise higher at 67.42 on fresh bouts of dollar selling by exporters and corporates.
Weakness in US dollar amidst slight reversal in US Treasury yields also helped the domestic currency recoup some losses.
On the global front, the dollar jumped to a 3-week high on Tuesday while Asian stocks edged up as a highly anticipated US-Korea summit got underway in Singapore, potentially paving the way to ending a nuclear stand-off on the Korean peninsula, Reuters reported.
On the energy front, Oil prices were little changed. Brent crude futures, the international benchmark for oil prices, were trading at $76.40 per barrel at 0117, down 6 cents from their last close. US West Texas Intermediate (WTI) crude futures were at $66.08 a barrel, down 2 cents from their last settlement, according to a Reuters report.
Overall, the forex mood is expected to remain cautious ahead of the key central banks' monetary policy decisions particularly the Federal Open Market Committee (FOMC). The Fed is set to raise the interest rate on Wednesday after the FOMC Meeting minutes from the May meeting consisted of the words "it will be appropriate to raise rates soon," leaving no room for doubts.
The domestic currency on Monday staged a recovery to close 8 paise higher at 67.42 on fresh bouts of dollar selling by exporters and corporates.
Weakness in US dollar amidst slight reversal in US Treasury yields also helped the domestic currency recoup some losses.
On the global front, the dollar jumped to a 3-week high on Tuesday while Asian stocks edged up as a highly anticipated US-Korea summit got underway in Singapore, potentially paving the way to ending a nuclear stand-off on the Korean peninsula, Reuters reported.
On the energy front, Oil prices were little changed. Brent crude futures, the international benchmark for oil prices, were trading at $76.40 per barrel at 0117, down 6 cents from their last close. US West Texas Intermediate (WTI) crude futures were at $66.08 a barrel, down 2 cents from their last settlement, according to a Reuters report.
Overall, the forex mood is expected to remain cautious ahead of the key central banks' monetary policy decisions particularly the Federal Open Market Committee (FOMC). The Fed is set to raise the interest rate on Wednesday after the FOMC Meeting minutes from the May meeting consisted of the words "it will be appropriate to raise rates soon," leaving no room for doubts.