Rupee Vs Dollar Today: The rupee started the session at 76.79 against the dollar on Tuesday
The rupee depreciated by 30 paise to 76.83 against the US dollar on Tuesday, tracking weak domestic equities and strength in the US dollar overseas. Forex traders said the rupee opened on a weak note as the US dollar edged higher past the 100 level mark. The rupee started the session at 76.79 against the US currency in the interbank forex market, and declined to as low as 76.83. It had settled at 76.53 against the greenback on Monday.
"Investors braced for further cues on the economic toll from the coronavirus in a week lined with corporate earnings and data this week," Reliance Securities said in a research note.Domestic equity markets opened on a negative note with benchmark indices S&P BSE Sensex and NSE Nifty 50 plunging more than 2.5 per cent.
The rupee could track domestic equity markets, which could track a fall in Asian equities, according to Reliance Securities.
"Asian equity markets could track a fall in Wall Street after US crude futures turned negative for the first time in history, weighed down by the collapse in oil demand as the coronavirus pandemic derails the global economy," the brokerage added.
West Texas Intermediate (WTI) crude oil futures - the benchmark for US crude oil prices - succumbed to the negative territory, while Brent crude futures fell 0.78 per cent to $25.37 per barrel.
Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy.
The number of cases around the world linked to the new coronavirus has crossed over 24.81 lakh. In India, nearly 18,600 coronavirus cases have been reported so far.
Foreign institutional investors (FIIs) were net sellers in the capital markets, as they sold shares worth Rs 265.89 crore on Monday, according to provisional data.
The dollar index - which gauges the greenback's strength against a basket of six currencies - rose 0.20 per cent to 100.15.
