Mumbai: The Indian rupee declined by 30 paise to 71.94 against the US dollar in opening trade Monday amid muted opening in domestic equities and strengthening of the American currency overseas.
Besides, as investor sentiments remained fragile amid coronavirus fears.
China’s death toll from the new coronavirus rose to 2,592 Monday.
Forex traders, however, said easing crude oil prices supported the local unit and restricted the fall to some extent.
The rupee opened weak at 71.94 at the interbank forex market, down 30 paise over its last close.
The local unit however pared some initial losses and was trading at 71.83 against the US dollar at 0951 hrs.
The rupee had settled at 71.64 against the US dollar on Friday.
Meanwhile, Brent crude futures, the global oil benchmark, fell 2.51 per cent to USD 57.03 per barrel.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 1,495.25 crore on Friday, as per provisional data.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.29 per cent to 99.55.
The 10-year government bond yield was at 6.34 per cent in the morning trade.
Equity market benchmark BSE Sensex fell 388.05 points to trade at 40,782.07 in openings deals on Monday. While, the NSE gauge Nifty was down 123.65 points to trade at 11,957.20 in early trade.
PTI