Rupee slips 48 paise to 71.73 against US dollar

The rupee on Monday depreciated by 48 paise to 71.73 in early trade on the forex market ahead of the Reserve Bank of India's policy review meet and lower opening in domestic equity market.

Forex traders said strengthening of the US dollar against some currencies overseas weighed on the local unit.

However, easing crude prices and fresh foreign fund inflows capped the losses for the domestic unit.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.57 then fell further to 71.73 against the US dollar, showing a decline of 48 paise over its previous closing.

On Friday, the rupee had settled 17 paise lower at 71.25 against the US dollar.