Extending losses for the second straight session, the rupee on Tuesday fell by another 28 paise to end at 72.90 against the US dollar in line with muted domestic equities. The rupee opened on a marginally positive note at 72.57 per dollar as against its previous close of 72.62 at the interbank foreign exchange market. It hovered in the range of 72.54 to 72.94 per dollar during the day before ending at 72.90. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.01 % to 89.83. "The path ahead might be more bumpy as uncertainties around the development of the pandemic situation and the economic recovery could reverse some of the INR strength and keep volatility elevated in the near term.

Source: The Hindu June 01, 2021 10:57 UTC