The rupee reversed its nine-day upward movement and depreciated 11 paise to 82.97 against the US dollar (23.05 against the UAE dirham) in early trade on Tuesday, tracking a strong American currency against major overseas rivals and subdued equity market sentiment.
Some inflow of foreign funds supported the Indian currency which was weighed down due to volatile crude oil prices, forex traders said.
At the interbank foreign exchange, the domestic currency opened weak at 82.95 and slipped further to 82.97 against the greenback in initial trade, registering a loss of 11 paise from its previous close.
[Editor’s Note: For real-time forex rates, click on the widget below or visit Khaleej Times’ dedicated Trading News page here.]