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The rupee weakened further on Tuesday due to dollar purchases by banks on behalf of oil marketing companies in the backdrop of Brent crude oil becoming dearer.
The unit declined about 16 paise to close at 75.5225 per dollar against the previous close of 75.36. On Monday, the rupee had slumped 37 paise.
The Indian currency opened weaker at 75.4125 per dollar. In intraday trading, it saw a high of 75.1650 and a low of 75.6675.
IFA Global, in a report, said, “The Indian rupee fell sharply against the dollar in intra-day trade because foreign banks stepped in to purchase dollars on behalf of oil marketing companies due to a sharp rise in Brent crude oil prices.
“...The Indian currency fell to its lowest intra-day level since Jun 29, 2020.”
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