Mumbai, Apr 28 (BNP): The Indian rupee slipped in early trade on Tuesday, losing 24 paise to touch 94.39 against the US dollar, as pressure from rising crude oil prices and month-end dollar demand weighed on the currency.
Dealers said the rupee remained under strain due to higher global oil prices, which tend to increase India’s import bill and widen external account concerns. At the same time, sustained demand for the US dollar from importers added to the downward pressure.
Market sentiment was also influenced by a cautious global environment, with investors showing a preference for safe-haven assets amid ongoing international uncertainties.
Overall, currency traders expect volatility to continue in the near term, with movements likely to be guided by crude oil trends, foreign fund flows, and global risk sentiment.