Rupee slips 16 paise, touches 72/USD level in early trade

Mumbai, November 19

The Indian rupee opened on a cautious note and fell 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 then fell to 72 against the US dollar, showing a decline of 16 paise over its previous close.

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

Traders were also awaiting fresh cues on the potential US-China trade deal.

Meanwhile, brent crude futures, the global oil benchmark, fell 0.24 per cent to USD 62.29 per barrel. PTI