Rupee rejected 7 Paise to 74.67 against the US dollar in opening trading on Tuesday burdened by the strength of the American currency and dampened domestic equity.

Forex traders said geopolitical tensions, the flow of sustainable foreign funds and the increase in crude oil prices also dragged local units.

Furthermore, investors will also wait for the results of the US Federal Reserve meeting this week. In the interbank foreign exchange, Rupee opened flatly at 74.60 against the US dollar, then slipped further to 74.67, registering a 7th reduction of Paise from the last cover.

On Monday, Rupee has settled at 74.60 against the US dollar. The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.04 percent to 95.95.

“The Safe-Haven US dollar rose to a 2-week high against its main colleagues on Monday amid increasing fears about a faster speed of tightening the Federal Reserve policy and potential military conflict in Ukraine,” said Reliance Securities in a research note .

Most of the Asian market colleagues and developing countries have begun to weaken on Tuesday morning in the middle of risky trading in the midst of geopolitical tensions near the Ukrainian border, the note was added.

Meanwhile, the Benchmark of Global Oil Brent Crude futures jumped 0.54 percent to USD 86.74 per barrel. At the front of the domestic equity market, Sensex 30-share traded more than 305.79 points or 0.53 percent lower at 57,185.72, while the more extensive NIFTY NIFTY fell 71.25 points or 0.42 percent to 17,077.85 .

Investors of foreign institutions remain clean sellers in the capital market on Monday, because they lowered shares worth Rs 3,751.58 Crore, in accordance with the exchange data.