Rupee slips 20 paise to 71 level against US dollar in early trade

The rupee slipped as much as 20 paise to 71 against the US dollar in the early trade on Thursday. The currency opened at 70.87. 

In the previous session, the domestic unit settled 10 paise lower at 70.80 against the greenback amid rising crude prices and heavy foreign fund outflows.

Forex traders said dollar buying by oil importers and strengthening of the greenback against major currencies overseas weighed on the domestic unit.

"Today, the rupee could witness some selling pressure after Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production. USD/INR pair is