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Rupee slips 14 paise against US dollar in early trade


New Delhi, Oct 03: The Indian rupee on Thursday opened 14 paise down at 71.22 against the US dollar amid concerns over economic growth. Forex market was shut on Wednesday on back of Gandhi Jayanti.

Representational Image

On October 2, the rupee fell on account of heavy selling inequities as well as gain in crude continued to pressure on the home currency.

"The rupee dropped 20 paise to close at 71.07 against the US dollar on Tuesday as heavy selling in domestic equities, unabated foreign fund outflows kept investors edgy," said PTI.

Forex traders said market sentiment remained fragile ahead of US-China trade meet on October 10. Besides, rising crude oil prices also put pressure on the domestic unit, it added.

The government has reiterated that it will continue with its borrowing programme for the second half of the fiscal year, which saw the bond yield drag lower.

Meanwhile, Nifty is trading below 11,280 points while Sensex is also down by more than 250 points.

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