Rupee opens marginally lower at 70.94 against US dollar

The rupee on Tuesday opened marginally lower at 70.94 against the US dollar. The domestic unit on Friday lost 20 paise to close at 70.92, amid strengthening of the American currency and rising crude oil prices.

The forex market was closed on Monday on account of Maha Shivratri.

"On daily chart, the rupee/USD pair has marked a long bearish candle indicating weakness in the pair. If the pair remains below 71, it can test 70.85 – 70.75 as support. 71.5 levels will act as a resistance in the pair," say analysts at Nirmal Bang Securities in the daily currency report. 

Gaurang Somaiya, Research