Rupee slips 12 paise against dollar in early trade

The rupee depreciated 12 paise to 75.72 against the dollar in opening trade on Tuesday as geopolitical concerns and rising inflation weighed on investor sentiment.

Forex traders said sustained outflow of foreign funds and rise in crude oil prices also weakened the rupee.

The rupee opened at 75.60 per dollar in the interbank foreign exchange market. Later it slipped to 75.72 per dollar with a loss of 12 paise.

On Monday, the rupee had closed at a seven-week low of 75.60 per dollar with a loss of 24 paise.

Against the same six currencies, the dollar index, showing the trend of the US currency, fell 0.18 percent to 96.19.

“Russia-Ukraine tensions and rising concerns over its impact on crude and potentially higher global interest rates could limit the recovery in the rupee,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.

Meanwhile, global oil benchmark Brent crude futures fell 0.68 per cent to $95.82 a barrel.