June 30, 2026 | Nevesh News Desk
The Indian rupee slipped 7 paise to 94.58 against the US dollar in early trade on Tuesday as month-end and quarter-end demand for the greenback from importers and corporates kept pressure on the domestic currency.
The rupee had ended Monday’s session at 94.51, down 6 paise after giving up its early gains.
Currency dealers said demand for dollars typically rises towards the end of a month and quarter as companies make overseas payments and banks adjust their positions. That demand has once again weighed on the rupee despite a relatively stable backdrop in global commodity markets.
The US Dollar Index, which tracks the dollar against a basket of six major currencies, was up 0.21% at 101.31, reflecting continued strength in the greenback.
Crude oil prices offered some support to the rupee. Brent crude was trading at $72.83 a barrel, down 0.44%, as markets assessed the latest developments in the Middle East. While concerns over supply disruptions have eased, traders remain cautious amid uncertainty surrounding the Strait of Hormuz and ongoing talks between the United States and Iran.
Back home, economic data remained encouraging. India’s industrial production grew 5.1% in May, beating market expectations and pointing to steady momentum in manufacturing and overall economic activity.
Indian equities, however, opened lower. The Sensex fell 103.95 points to 76,624.42, while the Nifty 50 was down 40.10 points at 23,908.80 in early trade. Foreign institutional investors remained sellers, with net outflows of ₹1,350.1 crore in Monday’s session.
In another development, US Ambassador to India Sergio Gor said the proposed US-India trade deal is in its final stages, adding that only the last one per cent of negotiations remains. The agreement has been under discussion for nearly 18 months and is expected to give a further boost to trade and investment ties between the two countries.
For now, traders are likely to keep an eye on global dollar moves, crude oil prices and foreign investment flows, all of which are expected to influence the rupee’s direction in the coming sessions.