Rupee declines by 8 paise on rebound in crude oil, greenback

Mumbai: The rupee declined by 8 paise to settle at 82.71 (provisional) against the US currency on Tuesday due to a rebound in crude oil prices and greenback in the global markets.

Foreign fund outflows from the equity markets also weighed on the rupee sentiment, forex dealers said. At the interbank foreign exchange, the domestic unit opened higher at 82.58 amid overnight losses in the US dollar against major global rivals. Volatile equity markets and recovery in crude oil prices during the day hit the rupee sentiment, dragging the unit to a day's low of 82.73.

The rupee settled lower by 8 paise at 82.71 against the US dollar. On Monday, the rupee edged up by 1 paisa to settle at 82.63. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 104.07. Brent crude futures, the global oil benchmark, rose 0.60 per cent to USD 84.93 per barrel.

On the domestic equity market front, the BSE Sensex closed higher by 79.22 points at 65,075.82 while the broader Nifty advanced by 36.60 points to close at 19,342.65. Foreign Institutional Investors (FIIs) were net sellers in capital markets on Monday as they offloaded shares worth Rs 1,393.25 crore, according to exchange data