Rs tumbles by 25 p to 74.93 on $ buying by banks

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The rupee declined by 25 paise to end at 74.93 against the US currency on Tuesday due to dollar buying by foreign banks and gains in the greenback in overseas markets.

Forex traders said foreign fund inflows and easing crude oil prices supported the rupee while factors like strong dollar and rising COVID-19 cases dragged down the local unit.

The rupee opened weak at 74.74 at the interbank forex market and fell further to touch an intra-day low of 74.97.

The unit settled at 74.93 against the US dollar, down by 25 paise over its previous close of 74.68, marking its second straight day of losses

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 96.97.

On the domestic equity market front, the 30-share BSE benchmark Sensex ended 187.24 points, or 0.51 per cent, higher at 36,674.52.

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