Rupee Slumps 16 Paise To 72.99 Against US Dollar In Early Trade

Rupee Slumps 16 Paise To 72.99 Against US Dollar In Early Trade

Outlook

The Indian rupee slumped 16 paise to 72.99 against the US dollar in opening trade on Friday, as a rebound in the US dollar and muted opening in domestic equities weighed on investor sentiment.

At the interbank forex market, the domestic unit opened at 72.98 against the US dollar, then fell further to 72.99 against the American currency, registering a fall of 16 paise over its previous close.

On Thursday, the rupee had settled at 72.83 against the American currency.

"The Indian rupee started this Friday on a weaker note against the US dollar weighed by a rebound of the US dollar and an uptick on the Treasury yields," Reliance Securities said in a research note.

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