Rupee Drops By 16 Paise To Hit 72 Mark Against Dollar

Rupee Drops By 16 Paise To Hit 72 Mark Against Dollar
MUMBAI: The rupee opened on a cautious note and fell by 16 paise to 72 per US dollar in early trade on Tuesday amid rising demand for the US dollar vis-a-vis other currencies overseas and unabated foreign fund outflows.

Forex traders said trading in emerging market currencies were subdued tracking cautious opening in domestic equities.

At the interbank foreign exchange, the rupee opened at 71.97 and declined to 72 against the US dollar.

The rupee had closed at 71.84 against the US dollar on Monday.

Traders awaited fresh cues on the potential US-China trade deal.

Meanwhile, Brent crude futures – the global benchmark for crude oil – fell 0.24 per cent to $62.29 per barrel.