Rupee tumbles 71 paise against US dollar in early trade as oil prices soar

Following a sharp surge in the crude oil prices, the rupee on Monday opened 71 paise lower at 71.62 against the US dollar. However, the currency retreated later and was trading at 71.46 at the time of writing this report.

The domestic unit on Friday marched higher for the seventh straight session to close at 70.92, up 22 paise. 

The currency has appreciated by 147 paise in the last seven trading sessions. On a weekly basis, the local unit has gained 82 paise. 

However, attacks on two plants at the heart of the kingdom’s oil industry on Saturday that knocked