Mumbai, Nov 16: The Indian rupee depreciated by 7 paise to 74.53 against the US dollar in opening trade on Tuesday, weighed down by a lacklustre trend in the domestic equity market and firm American dollar.
At the interbank foreign exchange, the rupee opened on a weak note at 74.49, then lost further ground and touched 74.53 against the American dollar in initial deals, registering a decline of 7 paise from the last close.
“Technically, the USD-INR spot pair continued to remain above 74.30 level indicating a bullish momentum up to 74.58-74.60 levels. However, a trade below could pull the pair to the support zone at 74.12-74.00 levels,” Reliance Securities said in a research note.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.02 per cent to 95.42.
The US dollar extended gains on Tuesday morning in Asian trade supported by bets that the Federal Reserve would tighten monetary policy faster than expected due to a rise in inflation, the note added.
Traders will be eyeing the US retail sales numbers and the US industrial output data for further cues.
Global oil benchmark Brent crude futures advanced 0.78 per cent to USD 82.69 per barrel.
