Rupee slips 5 paise to 73.05 against the US dollar in early trade

The Indian rupee opened on a flat note and slipped 5 paise to 73.05 against the US dollar in opening trade on Wednesday.

However, strong macroeconomic data and a rally in the domestic equity market restricted the rupee's fall, forex dealers said.

At the interbank foreign exchange, the rupee opened at 73.05 against the dollar, registering a fall of 5 paise from the last close.

In the previous session, the rupee had settled at 73.00 against the US dollar.

Meanwhile, India's economic growth surged by a record 20.1 per cent in the April-June quarter of this fiscal, helped by a low base of the year-ago period, despite a devastating second wave of COVID-19.

Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 3,881.16 crore, as per exchange data.

On the domestic equity market front, the 30-share index was trading 234.34 points or 0.41 per cent up at a record high of 57,786.73. Similarly, the broader NSE Nifty which had surged to its lifetime high of 17,194.35, was later trading 31.55 points or 0.18 per cent up at 17,163.75.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent at 92.73.

Global oil benchmark Brent crude futures slipped 0.57 per cent to USD 72.99 per barrel.