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Rupee weakens 23 paise to 73.79 against US dollar in early trade

Mumbai: The rupee depreciated 23 paise to 73.79 against the US dollar in early trade Tuesday as the American currency strengthened overseas.

Dealers attributed the rupee’s fall to increased demand for the US currency from importers and sustained foreign fund outflows.

Besides, domestic equity market opening with losses also weighed on the rupee, they said.

At the interbank foreign exchange, the rupee opened weak at 73.74 then slipped further to quote 23 paise down at 73.79 against the US dollar.

On Monday, the rupee had settled 24 paise lower at 73.56 against the US dollar due to steady capital outflows and strengthening of the American currency.

The benchmark Sensex cracked below the 34,000-mark by falling 193.15 points, or 0.57 per cent to 33,941.23 in the opening trade Tuesday.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares of Rs 511.91 crore Monday, as per provisional data.