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| Rupee declines 10 paise to close at 86.98 against US dollar | | |
Agencies
MUMBAI, Feb 18: Rupee depreciated 10 paise to close at 86.98 against US dollar on Tuesday weighed down by an uptick in the American currency index and rising crude oil prices.
Forex traders said there is a negative bias for the USD/INR pair as the RBI support is tapering off slowly.
At the interbank foreign exchange, the rupee opened at 86.94 and touched the high of 86.91 against the greenback during intraday. It ended the session at day's low of 86.98 against the dollar, logging a loss of 10 paise from previous close.
On Monday, the rupee depreciated 17 paise to close at 86.88 against the US dollar.
Traders said disappointing trade deficit data from the domestic macroeconomic front also pressurised the rupee.
India's exports declined for the third month in a row in January, falling by 2.38 per cent year-on-year to USD 36.43 billion, while the trade deficit widened to USD 22.99 billion in the month.
Imports rose by 10.28 per cent year-on-year to USD 59.42 billion in January due to an increase in gold shipments, according to the Commerce Ministry data.
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