Rupee falls for 2nd day, declines 17 paise to 74.43 against dollar

Extending losses for the second straight session, the rupee on Tuesday fell by 17 paise to end at 74.43 against the US currency due to a stronger dollar in the overseas markets.

The rupee opened on a negative note at 74.40 per dollar as against its previous close of 74.26 at the interbank foreign exchange market. It hovered in the range of 74.33 to 74.46 per dollar during the day before closing at 74.43.

The domestic currency has lost 28 paise in the two trading sessions to Tuesday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 93.04. Brent crude futures, the global oil benchmark, rose 0.98 per cent to USD 69.72 per barrel.

Forex traders said foreign fund inflows and positive domestic equities helped limit the depreciation bias of the local unit.

On the domestic equity market front, the BSE Sensex ended 151.81 points or 0.28 per cent higher at 54,554.66, while the broader NSE Nifty advanced 21.85 points or 0.13 per cent to close at 16,280.10.

Meanwhile, foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 211.91 crore, according to the exchange data.