The Indian rupee slipped seven paise to 73.17 against the US dollar (19.93 versus the UAE dirham) in opening trade on Tuesday, tracking a strong American currency in the overseas market and muted trend in domestic equities.
At the Indian interbank market, the rupee opened at 73.12 against the dollar, then fell to 73.17, registering a decline of seven paise from the last close.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.13 per cent to 92.15.
"USD/INR moving in a small range of 73.00 to 73.15 for the past few days with RBI (Reserve Bank of India) buying USD at the lower end and corporates and others selling at the other end of the curve,” said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors.
"Range for the day 72.80 to 73.30. No particular events today and market will move as per the flows and RBI," said Kumar.
Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 589.36 crore, as per exchange data.
On the Indian equity market front, the 30-share index was trading 243.37 points or 0.42 per cent lower at 58,053.54. Similarly, the broader NSE Nifty was trading 79.55 points or 0.46 per cent down at 17,298.25.
(with inputs from PTI)