Today, The rupee depreciated 4 paise to 79.88 against the US dollar in the morning trade in domestic markets. The rupee opened at 79.85 against the US dollar and then fell to 79.88 with a decline of 4 paise over the last closing in the market. Yesterday, the rupee closed at 79.84 against the US dollar.

“The rupee could continue to extend losses in the week and possibly test new lows on prospects that the US Federal Reserve will continue to deliver large rate hikes,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Also, the inflation rate keeps local units under pressure however, the Reserve Bank of India (RBI) market cap losses in the domestic team. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.18 per cent to 108.89.

“The dollar index started marginally weaker this Tuesday morning in Asian trade, but downside remained capped on safe-haven flows,” Iyer said.

Meanwhile, global oil benchmark Brent crude futures rose 0.75 per cent to USD 97.20 per barrel.

On the domestic equity market, the Sensex was trading 60.86 points or 0.10 per cent higher at 58,834.73, while the broader NSE Nifty was up 33.50 points or 0.19 per cent to 17,524.20. Meanwhile, the benchmark Brent crude oil future rose 0.75 per cent to USD 97.20 per barrel. On August 22, FII were net sellers as they offloaded shares of Rs 453.77 crore.