The Indian rupee fell 4 paise to close at 88.78 (provisional) against the US dollar on Tuesday, weighed down by a strong American currency overseas and unabated foreign capital outflows. The dollar index is seen hovering around 98 mark on Tuesday morning in Asia amid hawkish remarks from the Kansas City Fed President Jeffrey Schmid that the Federal Reserve (Fed) must maintain its inflation credibility and stressed that inflation is too high. Besides, the greenback also drew support from yen weakness. Meanwhile, Indian shares rose on Tuesday, although key benchmark indexes Sensex and Nifty ended off their day's highs as investors awaited cues from the upcoming September-quarter earnings season. The benchmark BSE Sensex ended the session up 136.63 points, or 0.17 percent, at 81,926.75, extending gains for a fourth consecutive session. The broader NSE Nifty index edged up by 30.65 points, 0.12 percent, to 25,108.30. At the interbank foreign exchange market, the rupee opened with a marginal gain at 88.72 against the US dollar and touched the intra-day low of 88.79 and a high of 88.79 before ending the session at 88.78 (provisional), registering a loss of 4 paise from its previous closing level.
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