Rupee tumbles by 23 paise against US dollar

Mumbai: The rupee on Tuesday tumbled by 23 paise to settle at 75.42 against the US dollar as risk appetite remained weak amid heavy selling in domestic equities and strengthening American currency.

Forex traders said steady crude oil prices supported the rupee, but risk appetite remained weak amid rising tensions between the US and China.

The rupee opened lower at 75.33 at the interbank forex market and lost ground to touch a low of 75.49 against the US dollar.

The local unit settled at 75.42 against US dollar, down 23 paise from its last close of 75.19.

Besides, investor sentiment weakened after India's June Consumer Price Index (CPI) breached Reserve Bank of India's tolerance band of 6 per cent, traders said adding that factors like strong dollar, negative domestic equities and rising Covid-19 cases dragged the local unit down.