Rupee depreciates 29 paise against US dollar in early trade

The domestic unit Friday weakened by 16 paise to close at 71.19 against US dollar

The rupee slipped 29 paise to 71.48 against the US dollar in early trade on Monday amid positive Asian equities and decline in crude oil prices. The domestic unit Friday weakened by 16 paise to close at 71.19 per dollar. 

Rupee fell in the later half of the session on Friday primarily as global crude oil prices continued to rally after supply cuts led by OPEC supported prices, said Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL).

OPEC issued a list of oil production cuts by its members and other major producers for six months starting on