The rupee on Thursday opened 15 paise lower at 71.22 against the US dollar amid rebound in crude oil prices and concerns over economic growth. The domestic unit on Tuesday dropped 20 paise to close at 71.07 as heavy selling in domestic equities, unabated foreign fund outflows kept investors edgy.
According to forex traders, 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.
“Rupee on Tuesday came under pressure primarily on back of strength in the dollar against its major crosses and after the government released its borrowing plan for the fiscal,” said Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL).
