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Rupee falls 33 paise to 72.96 against US dollar

Continuing its slide, the rupee weakened by 33 paise to 72.96 against the US dollar Tuesday, hurt by increased demand for the American currency from importers as global crude oil prices hit four-year high.

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Continuing its slide, the rupee weakened by 33 paise to 72.96 against the US dollar Tuesday, hurt by increased demand for the American currency from importers as global crude oil prices hit four-year high.

The international benchmark Brent crude breached the USD 81 a barrel mark by surging over 3 per cent to trade at USD 81.28 a barrel.

Traders said besides sustained demand of the US currency from importers and dollar's strength against some currencies overseas ahead of US Federal Reserve's meet, a lower opening in the domestic equity markets too weighed on the domestic unit.

On Monday, the local currency had ended sharply lower by 43 paise to 72.63 against the US dollar after crude prices soared ahead of impending US sanctions on Iran.

Meanwhile, on a net basis, foreign funds sold shares worth Rs 523.94 crore, while domestic institutional investors bought shares to the tune of Rs 1,527.67 crore Monday, provisional data showed.

The benchmark BSE Sensex fell 79.02 points, or 0.22 per cent, to 36,226. 

The 30-share index fell 124.63 points, or 0.34 per cent, to 36,180.39, after touching a high of 36,454.03 at the outset.

The gauge has lost 1,785.62 points in the previous five sessions.

Similarly, the NSE Nifty fell by 33.40 points, or 0.30 per cent, to 10,934.

Sectoral indices led by realty, FMCG, banking, power, consumer durables and auto stocks were in the negative terrain, with losses up to 0.87 per cent.

The big losers were Bharti Airtel, M&M, PowerGrid, Kotak Bank, Tata Steel, ICICI Bank, ITC, IndusInd Bank, Axis Bank, Maruti Suzuki, SBI and TCS, losing up to 3.43 per cent.

In contrast, Yes Bank, ONGC, Asian Paint, NTPC, Sun Pharma, Coal India and RIL gained up to 1.90 per cent and capped the fall.

Sentiment remained weak on prevailing liquidity concerns and sustained capital outflows by foreign funds, apart form crude oil prices reaching the USD 81 a barrel mark to trade at four-year high of USD 81.28 a barrel, brokers said.

The rupee too depreciated by 33 paise to 72.96 against the US dollar in early trade at the interbank forex market.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 523.94 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,527.67 crore Monday, provisional data showed.

Most Asian stocks fell as trade tensions between the US and China intensified with the more tit-for-tat tariffs.

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