Rupee slips 14 paise to 74.51 against US dollar in early trade

The Indian rupee depreciated by 14 paise to 74.51 against the US dollar in opening trade on Wednesday, as a muted trend in the domestic equity market and firm American dollar weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened on a weak note at 74.51 against the American dollar, registering a decline of 14 paise from the last close.

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On Tuesday, the rupee had closed at 74.37 against the US dollar.

The Indian rupee opened weaker this Wednesday morning tracking the strength of the greenback, Reliance Securities said in a research note.

However, easing crude oil prices and stronger regional currencies could cap depreciation bias, the note added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.16 per cent to 96.06.

Global oil benchmark Brent crude futures declined 0.84 per cent to USD 81.74 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 560.67 crore, as per exchange data.

On the domestic equity market front, the 30-share Sensex was trading 47 points or 0.08 per cent lower at 60,275.37, while the broader NSE Nifty declined 18.90 points or 0.11 per cent to 17,980.30.