At the interbank foreign exchange market, the local unit opened at 83.51 and finally settled at 83.57 (provisional), registering a loss of 14 paise from its previous close.
On Monday, the rupee declined 6 paise to settle at 83.44 against the US dollar.
According to Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, the 10-year US bond yields rose to 4.66 per cent, the highest since November 2023. Weak domestic markets and simmering geopolitical tensions too weighed on the rupee.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent higher at 106.23.
The US dollar rose to a five-month high, following weak yuan, retail sales and safe-haven demand amid Iran-Israel tensions, Choudhary added.
Brent crude futures, the global oil benchmark, declined 0.40 per cent to USD 89.74 per barrel.
“We expect…
