Rupee Gains 1 Paisa vs US Dollar, Closes at 82.89 - PTI

Mumbai, Mar 5 (PTI) The rupee settled 1 paisa higher at 82.89 (provisional) against the US dollar on Tuesday amid a strong greenback against major rivals overseas and a negative trend in equity markets.

The Indian currency remained under pressure due to volatile crude oil prices and persistent foreign fund outflows, according to forex traders.

At the interbank foreign exchange market, the local unit opened at 82.90 and oscillated between 82.88 and 82.93 against the greenback during intra-day deals. The currency finally settled at 82.89 (provisional), up 1 paisa from its previous close.

On Monday, the rupee settled 1 paise lower at 82.90 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 103.83.

Brent crude futures, the global oil benchmark, fell 0.05 per cent to USD 82.76 per barrel.

On the domestic equity market front, Sensex declined 195.16 points, or 0.26 per cent, to settle at 73,677.13. The Nifty fell 49.30 points, or 0.22 per cent, to close at 22,356.30.

A monthly survey released on Tuesday showed India's services sector growth moderated in February amid softer expansions in business activity, sales and jobs.

The seasonally adjusted HSBC India Services Business Activity Index registered 60.6 in February, down from 61.8 in January.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 564.06 crore, according to exchange data.