The rupee opened on a cautious note and fell 4 paise to 69.38 against the US dollar in early trade amid strengthening of the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.
Forex traders said weak macro data foreign fund outflows and cautious opening in domestic equities added pressure to the domestic unit.
Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency.
The rupee appreciated by 21 paise to 69.44 against the US dollar in opening trade on Tuesday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.49 against the dollar.
The rupee surrendered all its early gains and closed 19 paise lower at 69.65 against the US dollar Monday amid strengthening of the greenback against Asian currencies and rising crude oil prices.
The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade on Monday, driven higher opening in domestic equities. Forex dealers said the local currency also gained strength amid weakening of the greenback in overseas markets.
The country's foreign exchange reserves increased by USD 1.875 billion to USD 421.867 billion in the week to May 31, Reserve Bank data showed Friday. In the previous week, the reserves had risen by USD 1.99 billion to USD 419.99 billion.
The rupee opened marginally higher and touched 69.21 against the US dollar in opening trade Friday, after the Reserve Bank cut key interest rates by 0.25 percentage point.
Asian share markets dithered as investors waited for concrete signs of progress in the US-Mexican trade standoff.
The government is seriously thinking of giving fertiliser subsidy directly to farmers under the second phase of implementation of direct benefit transfer (DBT) scheme, a senior fertiliser ministry official said.
World food prices rose for a fifth consecutive month in May after bad weather pushed up the prices of cheese and maize, the United Nations food agency said.
The Indian rupee Tuesday settled unchanged at 69.26 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the RBI monetary policy outcome on Thursday.
The rupee appreciated by 26 paise to 69.00 against the US dollar in early trade on Tuesday driven by weakening of the greenback in overseas markets and sustained foreign fund inflows.
The Indian rupee Monday appreciated by another 44 paise to close at 69.26 to the US dollar in line with an intense rally in domestic equities amid hopes of a rate cut by the Reserve Bank.
Over 6,800 cases of bank fraud, worth Rs 71,500 crore, have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore.