Rupee slips 7 paise to 73.17 against US dollar in early trade

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The Indian rupee slipped 7 paise to 73.17 against the US dollar in opening trade, tracking a strong American currency in the overseas market and muted trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.12 against the dollar, then fell to 73.17, registering a decline of 7 paise from the last close. In the previous session, the rupee had settled at 73.10 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 92.15. "USDINR moving in a small range of 73.00 to 73.15 for the past few days with RBI buying USD at the lower end and corporates and others selling at the other end of the curve.

"Range for the day 72.80 to 73.30. No particular events today and market will move as per the flows and RBI," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. Foreign institutional investors were net sellers in the capital market on September 6 as they offloaded shares worth Rs 589.36 crore, as per exchange data.

On the domestic equity market front, the 30-share index was trading 243.37 points or 0.42 per cent lower at 58,053.54. Similarly, the broader NSE Nifty was trading 79.55 points or 0.46 per cent down at 17,298.25. Global oil benchmark Brent crude futures advanced 0.55 per cent to USD 72.62 per barrel.

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