Rupee slips at 79.33 against US dollar in early trade

The rupee on Monday closed 7 paise lower at 79.33 against the US dollar in early trade as part of a softer trend in domestic stock markets and no risk-taking strategy. According to forex traders, the fall in crude oil prices in the international market stopped the fall of the rupee. At the Interbank Foreign Exchange, the rupee opened at 79.30 against the US dollar and closed at 79.33, down 7 paise from its previous close.

In early trade, the local currency saw a high of 79.24 and a low of 79.35 against the US Dollar. The rupee had closed at an all-time low of 79.26 against the dollar in the previous session.

On the domestic equities front, the 30-share Sensex was trading 265.1 points or 0.49 per cent lower at 54,216.74, while the NSE Nifty slipped 89.80 points or 0.55 per cent to end at 16,130.80. Foreign institutional investors were net sellers in the capital markets on Friday as they sold shares worth Rs 109.31 crore, according to exchange data.

Foreign investors have continued to exit the Indian equity markets and have pulled out over Rs 4,000 crore so far this month. However, the selling momentum by foreign portfolio investors (FPIs) has declined in the past few weeks.