The rupee rose 14 paise to 81.67 in early trade on Tuesday against the US dollar. On Monday, the rupee had closed at 81.81 against the US dollar.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last at 101.04
Crude oil benchmarks gained on Tuesday. At the last count Brent crude futures were trading 0.25 percent higher at $82.7 per barrel. WTI futures, too, were trading 0.3 percent higher at $79 per barrel.
"If the USD-INR sinks below 81.55 levels (a major support zone), the fundamentals are likely to drive the pair there-on instead of RBI. A breakdown below the same would trigger stop-loss and lead to further plunging towards 81.20-80.90 levels. Well on the upside, 82.20 shall act as a strong resistance zone for the pair," said Amit Pabari, the managing director of CR Forex Advisors.
On the global front, Pabari said the US indices continued to remain positive with a focus on tech companies. "However, the Dollar index had a modest recovery despite a survey showing US business activity had slowed to a five-month low, dragged down by softening service-sector growth," he said.
Pabari added that the upside for DXY stands limited up to 102.50 levels having a downside potential to move up to 97.50-98.00 levels amid a rising short dollar position due to bearish dollar sentiment.
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