MUMBAI, Oct 28: The Indian rupee weakened by 10 paise to close at 88.29 against the US dollar on Tuesday, pressured by weak domestic stock markets and foreign fund outflows.
The decline was partly cushioned by a softening of crude oil prices and a weaker US dollar.
At the interbank market, the rupee opened at 88.34 and traded between 88.23 and 88.40 before settling at 88.29.
Analysts expect a slight negative bias due to weak equities and month-end dollar demand, though optimism over the India-US trade deal could provide support, with USDINR likely to trade in the 87.90–88.60 range.
Domestic equities also slipped, with the Sensex losing 150.68 points to 84,628.16 and the Nifty down 29.85 points to 25,936.20.
Foreign institutional investors purchased equities worth ₹10,339.80 crore. Brent crude fell 1.74% to USD 64.48 per barrel.
Meanwhile, India’s crude oil imports from the US rose to 540,000 barrels per day, the highest since 2022, reflecting efforts to diversify energy sources away from Russia and ease trade tensions with the US.
Global factors and policy expectations continue to influence the rupee’s trajectory. (PTI)
