Meanwhile, the international benchmark, Brent crude slipped below the $70-mark.The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front, reported news agency Press Trust Of India.
Besides, fund inflows by foreign investors and the US dollar's weakness against some currencies overseas also supported the domestic unit, dealers said.
At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89.
Here are five things to know:1.
Consumer inflation stood at a 13-month low of 3.31 per cent in October, government data showed on Monday.
October's consumer inflation reading marked a third straight month in which retail inflation - determined by the Consumer Price Index (CPI) - stood below the central bank's medium-term goal of 4 per cent.2.
Meanwhile, the international benchmark, Brent crude slipped below the $70-mark by falling 0.84 per cent, to $69.53 a barrel in Asian trade Tuesday.
India imports more than 80 per cent of its crude oil requirements.3.
Oil prices fell on Tuesday, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market, reported news agency Reuters.
The fall also came as the US-dollar hovered near 16-month highs on Tuesday, making oil imports more expensive for any country using other currencies at home.4.
On Monday, the rupee dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets.
5.
The benchmark BSE Sensex fell by 56.31 points, or 0.16 per cent to 34,756.68 in early trade.
Foreign institutional investors (FIIs) bought shares worth Rs.
832.15 crore Monday, provisional data showed.(With Agency Inputs)