The rupee depreciated 25 paise to 73.12 against the US dollar in opening trade on Wednesday tracking muted domestic equities and strengthening American currency.
At the interbank forex market, the rupee opened on a weak note at 73.10, then fell further to 73.12, registering a fall of 25 paise over its last close.
On Tuesday, rupee had rallied 73 paise to breach the 73-mark against the US dollar on Tuesday, supported by liquidity-boosting measures announced by the RBI. It had settled at 72.87.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 92.35.
"The US dollar has strengthened overnight, as a result of some profit-taking on short USD trades," said Abhishek Goenka, Founder and CEO, IFA Global.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 8.89 points lower at 38,891.91 and broader NSE Nifty slipped 1.70 points to 11,468.55.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 486.09 crore on Tuesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, rose 0.72 per cent to USD 45.91 per barrel.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.