Rupee depreciates 30 paise against US dollar

Mumbai, November 13

The Indian rupee depreciated 30 paise to 71.77 against the US dollar in early trade on Wednesday amid rising concerns over the US-China trade deal and political unrest in Hong Kong.

At the interbank foreign exchange, the rupee opened at 71.75 against the US dollar, then further slipped to 71.77, showing a decline of 30 paise over its previous closing.

On Monday, the local unit had closed at 71.47 against the US dollar.

Indian financial market remained closed on Tuesday for Guru Nanak Jayanti.

Domestic bourses opened on a flat note on Wednesday with benchmark indices Sensex trading at 40,346.43 and Nifty quoting at 11,931.30 ahead of the release of consumer price inflation data.

Forex traders attribute the weakness in the forex market to weak factory output numbers and weak global cues.

Showing signs of sluggishness in the economy, industrial production shrank by 4.3 per cent in September, registering the weakest performance in seven years due to output decline in manufacturing, mining and electricity sectors, as per official data released on Monday. PTI