Mumbai: The rupee on Tuesday morning traded lower at 60.23/60.24 compared with Monday`s close of 60.07/08 as the dollar trades stronger against the Indian unit`s Asian peers.
Dealers say state-run banks have been mopping up dollars for oil- and defence-related payments, aiding the greenback.
The Nifty is up 0.8 percent. The local share market will provide cues on the direction of foreign fund flows.
Overseas investors sold Indian shares worth $93.04 million on Monday, provisional exchange data shows.
The rupee is seen moving in a 59.85 to 60.35 range during the session.
Investors await Federal Reserve Chair Janet Yellen`s testimony before the congress due later in the day.
First Published: Tuesday, July 15, 2014, 10:24