Image Courtesy: The Financial Express
The rupee dipped slightly after a big rally the previous session, even as the dollar fell broadly on Tuesday as risk appetite increased following China’s significant step toward removing Covid restrictions.
According to Bloomberg, the rupee was last trading at 82.71 per dollar in early trade, down from its previous finish of 82.6512 on Monday.
Risk-taking boosted Asian currencies, as China said that beginning January 8, inbound travellers will not be required to enter quarantine upon arrival.
The US dollar index has weakened.
Meanwhile, in the energy sector, oil prices rose slightly on Tuesday due to concerns that winter storms in the United States might impede the production and distribution of shale oil and petroleum products.
Higher oil costs weigh on the native currency because the country imports more than 85 percent of its needs.