The Indian rupee weakened by 24 paise to close at 74.55 against the US dollar on Tuesday as firmer American currency and rising crude oil prices weighed on investor sentiment.
At the interbank foreign exchange market, the rupee opened at 74.28 per dollar. It hovered in the range of 74.25 to 74.62 during the day before ending at 74.55 against the greenback.
The rupee depreciated against the US dollar on Tuesday, amid importer demand for dollars following a sharp spike in crude oil prices, according to Sriram Iyer, Senior Research Analyst at Reliance Securities.