MUMBAI, JUN 23 (PTI): The rupee declined 11 paise to close at 94.74 (provisional) against the US dollar on Tuesday weighed down by a firm greenback and weak domestic markets.
However, a decline in global crude oil prices cushioned against a sharper decline in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 94.73 against the US dollar and traded in a range of 94.63-94.92 before settling at 94.74 (provisional), down 11 paise from its previous close. The rupee depreciated 30 paise to close at 94.63 against the US dollar on Monday.
V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said, “Rupee is likely to trade in a range of 94.60 to 94.95 in the near term. The future trend will be influenced significantly by the data regarding FCNR B deposits being mobilised by commercial banks.
If this scheme succeeds in mobilising a big amount, as many people believe, the rupee can appreciate over a period, assisted by the low crude prices.”
As things stand, there is no risk of significant depreciation of the rupee, Vijayakumar added.
Wednesday, June 24, 2026