The rupee slipped 2 paise to hit the 78-level against the US dollar in opening trade on Tuesday.
At the interbank foreign exchange, the rupee opened at 78 against the US dollar, registering a fall of 2 paise over the last close.
“With RBI’s (Reserve Bank of India’s) management, the rupee shall remain in a tight range of 77.80-78.20. If the range is broken on either side, it can lead to a movement of 30 to 50 paise,” said Amit Pabari, MD, CR Forex.
In the previous session, the rupee had appreciated by 7 paise to settle at 77.98 against the US dollar as crude oil prices retreated from elevated levels.