Rupee falls 34 paise against US dollar in early trade today

Indian rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows. The Rupee is likely to be under pressure with the elevated global crude prices. According to reports, Rupee touched 76 level against US Dollar over the next three months.
 
However, the rupee is unlikely to fall sharply during the day as it is expected to take comfort from soft crude prices.

The rupee opened lower at 72.76 per dollar against previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade. Traders said increased demand for the US currency from importers and losses in the domestic equity market weighed on the rupee.

Besides, the dollar trading higher against some currencies overseas too put pressure on the rupee, traders added.

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The rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices.

Meanwhile, the benchmark BSE Sensex fell 100.54 points, or 0.29 per cent, to 34,911.11 in opening session.

Oil prices, however, fell today as the start to US sanctions against Iran`s fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily.