Rupee opens softer at 39.94/96 per USD

Mumbai, Feb 22: The rupee today opened softer at 39.94/96 per USD against 39.92/93 on the previous day's close on scattered dollar demand from local bankers, dealers said.

Rupee drifted on concerns that overseas investors would withdraw funds from a falling stock market, though the prospect of further interest rate cuts by the US Federal Reserve offered some support. Later it was range bound at 39.95/96 per dollar, softening a touch from the previous finish of 39.93/94, a leading dealer added.

UNI