The Indian rupee declined due to increased demand for the greenback from importers amid rising crude prices and foreign fund outflows. The local currency opened lower at 71.38 against the dollar.
Besides, the dollar's gains against some other currencies overseas weighed on the rupee sentiment. However, a positive opening of the domestic equity market capped the rupee's losses.
The rupee is trading 22 paise lower at 71.41 against US Dollar
The rupee on Friday ended at 71.19/$, down by 16 paise.
RBI's reference rate for the dollar stood at Rs71.14, while for the euro, it was at Rs81.06. Further, its reference rate for the yen stood at Rs65.04, while that for the British pound sterling, it was at Rs92.29.
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