The Indian Rupee depreciated against the U.S. Dollar for a 3rd successive session, weighed down by dollar demand from oil marketing companies supported by an uptick in crude oil prices.
The Rupee ended at 75.51 compared with 75.36 in the previous session.
The unit had briefly weakened to 75.67 earlier in the session, its lowest since Jun. 29, 2020, but trimmed losses on exporters' dollar sales and dollar position covering by some foreign banks.
Most other Asian and EM currencies came under pressure this Tuesday continued to be weighed by the rise in crude prices.
India's benchmark BSE index ended 0.3% higher, shrugging off weak global cues and kept depreciation bias capped.
Technically, the USDINR spot pair closed near an important pivotal resistance at 75.60 and a sustained close above this level will push the pair to 75.80 and eventually to 76.00 levels. On the downside, supports are at 75.30 and 75.10.
In the overseas markets, the dollar index was flat this Tuesday afternoon trade in Asia ahead of FMOC minutes and CPI data this week.
Most of the non-dollar currencies were also flat this Tuesday afternoon trade in Asia.
The Japanese Yen held continued to weaken against the U.S. dollar as a relentless rise in Treasury yields widened the yield advantage in favour of the greenback.
Technically, the dollar index is trading below an important resistance at $94.43 and a break above the level will push the index to $94.60 and eventually to $94.86 levels. On the downside, supports are at $94.26 and $94.05.
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