Rupee Weakens For The Fourth Straight Session, Dollar Strength Weighs

The rupee weakened for the fourth straight session of losses as the dollar reigns supreme.

The rupee weakened on Tuesday, marking the fourth straight session of losses as the dollar reigns supreme on expectations of the Federal Reserve's aggressive interest rate hike path to control runaway inflation.

Reuters quoted that the rupee was last changing hands at 76.4954 per dollar, and PTI reported that the currency settled at 76.51, down 22 paise from the previous close of 76.29.

The rupee ranged between a high of 76.25 and a low of 76.53 against the American currency during the session.

According to Dilip Parmar, Research Analyst, HDFC Securities, the rupee depreciated following foreign fund outflows from domestic equities.