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Rupee slips 18 paise to 71.51 against US dollar in early trade

MUMBAI: The rupee opened on a weak note and declined by 18 paise to 71.51 against the US dollar in opening trade on Monday, tracking weak opening in domestic equities and strengthening of the American currency overseas.

Forex traders said weak opening in domestic equities dragged the local unit, while easing crude prices and foreign fund inflows supported the rupee and restricted the downfall.

The rupee opened weak at 71.51 at the interbank forex market, down 18 paise over its previous close.

The domestic currency however, gained some lost ground and was quoted at 71.44 against US dollar at 1002 hrs.

The rupee had settled at 71.33 against the US dollar on Friday.

Brent crude futures, the global oil benchmark, fell 2.14 per cent to USD 59.39 per barrel, amid expected demand slump over rising Coronavirus cases in China.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 659.11 crore on Friday, as per provisional data.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.02 per cent to 97.87.

The 10-year government bond yield was at 6.56 per cent in morning trade.

Domestic bourses opened on a negative note on Monday with benchmark indices Sensex trading 18159 points down at 41,431.60 and Nifty down 63.55 points at 12,184.70.