Rupee falls 18 paise to 73.53 against US dollar in early trade

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The Indian rupee slumped 18 paise to 73.53 against the US dollar in opening trade on Tuesday tracking weak domestic equities and strong American currency.

Forex traders said concerns over rising Covid-19 cases also weighed on investors’ sentiment.

At the interbank foreign exchange, the domestic unit opened lower at 73.47 against the dollar, and lost further ground and touched 73.53, registering a fall of 18 paise over its previous close.

On Monday, rupee had closed at 73.35 against the US dollar.

The domestic unit started on a weaker note against the dollar tracking decline in Asian shares and currencies on concerns over rising US inflation expectations, Reliance Securities said in a research note.

Most of the Asian currencies are trading weaker against the dollar and could weigh on sentiments, the note said, adding that markets will also await domestic IIP and CPI data this week.

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