Rupee slips 18 paise to 75.81 against US dollar in early trade

Rupee slips 18 paise to 75.81 against US dollar in early trade

The rupee depreciated 18 paise to 75.81 against the US dollar in opening trade on Wednesday amid strengthening American currency overseas and sustained foreign fund outflows.

Forex traders said the weakness in the rupee was largely due to the strengthening US dollar. Moreover, rising coronavirus cases in the country also weighed on the local unit.

The local unit opened weak at 75.77 at the interbank forex market and then fell further to 75.81, down 18 paise over its last close. It had settled at 75.63 against the US dollar on Tuesday.