Rupee opens 35 paise lower at 72.20 against US dollar

In the equity market, the frontline indices staged a dramatic recovery on Tuesday after a dismal start post the initial outcome of states election verdict.

Sliding further, the rupee on Wednesday opened 35 paise lower at 72.20 against the US dollar amid rise in oil prices and strengthening of the greenback. The domestic unit on Tuesday staged a late rebound after plunging 114 paise in early trade Tuesday but still ended 53 paise lower at 71.85 against the US dollar following RBI Governor Urjit Patel's shock exit coupled with the loss of the ruling BJP in key state elections.

Analysts said the RBI governor's surprise resignation and the ruling BJP's loss in state elections unnerved forex traders initially but a fag-end rebound in domestic equities