Rupee Rises 11 Paise to 89.05 Against US Dollar in Early Trade

The rupee stayed on the recovery path and gained 11 paise to 89.05 against the US dollar in early trade on Tuesday, supported by lower crude oil prices in the international market.

The Indian currency, however, remained under pressure due to a strong greenback, subdued stock market sentiment and withdrawal of foreign capital, forex analysts said.

At the interbank foreign exchange market, the rupee opened at 89.02 and then traded at 89.05 against the greenback in initial deals, up 11 paise from its previous closing level.

The rupee settled sharply higher by 50 paise at 89.16 against the greenback on Monday, a day after crashing 98 paise to touch its lifetime low of 89.66 against the US dollar on Friday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.06% at 100.13.

Brent crude, the global oil benchmark, declined 0.33% to $63.16 per barrel in futures trade.

On the domestic equity market front, the Sensex declined 46.99 points to 84,853.72 in early trade while Nifty slipped 10.35 points to 25,949.15.

Foreign institutional investors sold equities worth ₹4,171.75 crore on a net basis on Monday, according to exchange data.