<p>Mumbai: The rupee declined 32 paise to close at 93.48 (provisional) against the US dollar on Tuesday, weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations.</p>.<p>Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank's latest move to ease curbs on speculative bets in non-deliverable forward markets, forex analysts said.</p>.<p>The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in the rupee. The banking regulator had capped the net open positions in non-deliverable forward markets at USD 100 million, mandating banks to comply by April 10.</p>.Average office rentals in Delhi-NCR, Bengaluru cross Rs 100/sq ft per month for 1st time: Knight Frank.<p>Under revised directives, authorised dealers or banks can resume offering non-deliverable derivative contracts involving INR to resident or non-resident users, but must comply with certain restrictions on related-party transactions. Also, the USD 100-million cap in net open position is still effective.</p>.<p>At the interbank foreign exchange market, the rupee opened at 93.25 and fell to an intra-day low of 93.63 before ending the session 32 paise lower at 93.48 (provisional) against the greenback.</p>.<p>On Monday, the rupee settled with a loss of 25 paise at 93.16 against the US dollar. The currency had gained 47 paise in the preceding two sessions.</p>.<p>Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said the rupee fell on uncertainty over US-Iran talks and a surge in crude oil prices. A strong dollar also pressured the rupee; however, positive global markets cushioned the downside.</p>.<p>"Traders may take cues from retail sales and ADP employment change data from the US. USD-INR spot price is expected to trade in a range of Rs 93.30 to Rs 93.90," Choudhary said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 98.09.</p>.<p>Brent crude, the global oil benchmark, was trading 0.70 per cent down at USD 94.81 per barrel in futures trade.</p>.<p>Analysts attributed the volatility in crude prices to persistent worries over disruptions of supplies of oil from the Strait of Hormuz. Also, the ceasefire agreement between the United States and Iran is scheduled to expire on Wednesday.</p>.<p>In a latest development, Iran's chief negotiator on Tuesday said Tehran would not negotiate in the face of threats, while US President Donald Trump hinted that he was in no rush to end the conflict with Iran.</p>.<p>In the domestic equity markets the 30-share Sensex rose 753.03 points, or 0.96 per cent, to settle at 79,273.33, while the Nifty rose 211.75 points, or 0.87 per cent, to 24,576.60.</p>.<p>Foreign Institutional Investors offloaded equities worth about Rs 1,059.93 crore on Monday, according to the exchange data. </p>
<p>Mumbai: The rupee declined 32 paise to close at 93.48 (provisional) against the US dollar on Tuesday, weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations.</p>.<p>Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank's latest move to ease curbs on speculative bets in non-deliverable forward markets, forex analysts said.</p>.<p>The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in the rupee. The banking regulator had capped the net open positions in non-deliverable forward markets at USD 100 million, mandating banks to comply by April 10.</p>.Average office rentals in Delhi-NCR, Bengaluru cross Rs 100/sq ft per month for 1st time: Knight Frank.<p>Under revised directives, authorised dealers or banks can resume offering non-deliverable derivative contracts involving INR to resident or non-resident users, but must comply with certain restrictions on related-party transactions. Also, the USD 100-million cap in net open position is still effective.</p>.<p>At the interbank foreign exchange market, the rupee opened at 93.25 and fell to an intra-day low of 93.63 before ending the session 32 paise lower at 93.48 (provisional) against the greenback.</p>.<p>On Monday, the rupee settled with a loss of 25 paise at 93.16 against the US dollar. The currency had gained 47 paise in the preceding two sessions.</p>.<p>Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said the rupee fell on uncertainty over US-Iran talks and a surge in crude oil prices. A strong dollar also pressured the rupee; however, positive global markets cushioned the downside.</p>.<p>"Traders may take cues from retail sales and ADP employment change data from the US. USD-INR spot price is expected to trade in a range of Rs 93.30 to Rs 93.90," Choudhary said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 98.09.</p>.<p>Brent crude, the global oil benchmark, was trading 0.70 per cent down at USD 94.81 per barrel in futures trade.</p>.<p>Analysts attributed the volatility in crude prices to persistent worries over disruptions of supplies of oil from the Strait of Hormuz. Also, the ceasefire agreement between the United States and Iran is scheduled to expire on Wednesday.</p>.<p>In a latest development, Iran's chief negotiator on Tuesday said Tehran would not negotiate in the face of threats, while US President Donald Trump hinted that he was in no rush to end the conflict with Iran.</p>.<p>In the domestic equity markets the 30-share Sensex rose 753.03 points, or 0.96 per cent, to settle at 79,273.33, while the Nifty rose 211.75 points, or 0.87 per cent, to 24,576.60.</p>.<p>Foreign Institutional Investors offloaded equities worth about Rs 1,059.93 crore on Monday, according to the exchange data. </p>