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The rupee depreciated by 9 paise to close at 71.27 against the US dollar on Tuesday amid heavy selling in domestic equities and steady rise in crude oil prices.
Forex traders said the rupee traded in a narrow range but was weighed down in the latter half of the session after reports emerged that the government might not be able to meet its disinvestment target.
At the interbank foreign exchange market, the domestic currency opened weak at 71.22 and later fluctuated between a high of 71.15 and a low of 71.29.
The domestic unit finally settled at 71.27, showing a fall of 9 paise over its previous close of 71.18.
“Rupee continued to consolidate in a narrow range but was weighed down in the latter half of the session after reports that the government might not be able to meet its disinvestment target. Some sources suggest that the government will not be able to finish the disinvestment process for BPCL as well as for Air India in the current fiscal year,” Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.
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