Rupee Falls 15ps To 84.45/$

Mumbai: The rupee settled for the day 15paise lower at 84.45 against the US dollar on Tuesday, amid growing uncertainty and a cautious recalibration of risk appetite. According to forex traders, the USD/INR pair was supported by an overall decline in crude oil prices and sustained foreign fund inflows, while ongoing geopolitical tensions between India and Pakistan weighed on investor sentiments, keeping the rupee on edge. At the interbank foreign exchange, the domestic unit opened at 84.28 and moved between an intra-day high of 84.26 and a low of 84.63 against the greenback. The unit ended the session at 84.45, registering a fall of 15paise over its previous closing level. On Monday, the rupee surged 27paise to settle at 84.30 against the US dollar. “Fuelled by geopolitical tensions and weakening domestic equities, the dollar inched up against the rupee. Adding to the rupee’s woes were central bank interventions and a soft Chinese yuan. Consequently, the USDINR spot rate is projected to consolidate between 84.25 and 84.90 in the near-term,” Dilip Parmar, Senior Research Analyst, HDFC Securities, said. Meanwhile, amid rising tensions with Pakistan following the Pahalgam terror attack, the Union Home Ministry has asked all states to conduct mock drills on May 7.