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The Indian rupee depreciated 11 paise to 73.72 against the US dollar in opening trade on Wednesday, tracking a strong greenback in the overseas market. Forex traders said a positive trend in domestic equities and sustained foreign fund inflows supported the rupee, but firm crude oil prices and broad strength in the US dollar index dragged the local unit down.
The rupee declined 39 paise against the US dollar in Monday's session, looking set to extend its losing streak to the sixth day in a row as investors were spooked by the fast-rising Covid-19 cases in the country that threaten to derail India's economic recovery. Meanwhile, investors were also cautious ahead of the release of key macro-economic data later today. The domestic unit slipped to 75.13 versus the US dollar, a level seen in August last year. It had opened at 74.96, down 22 paise, against its previous close of 74.74. Over the last five trading days, the domestic unit has seen a depr...