The Indian rupee opened lower at 71.51 per dollar on Tuesday against previous close 71.43 yesterday.

The Indian rupee tumbled 29 paise to close at an over six-month low of 71.43 against the US dollar on August 19 amid growing worries over economic slump and sustained foreign fund outflows, said PTI.

Further, rising crude oil prices and strengthening of the US dollar vis-a-vis other currencies overseas also took toll on the Indian currency, it added.

The dollar-rupee August contract on the NSE was at 71.52 in the previous session. Open interest increased 3.22% in the previous session, said ICICIdirect.

We expect the US$INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.

Published On : 20-08-2019

Source : Money Control