Rupee opens lower at 71.21 against the US dollar

The Indian rupee opened lower by 4 paise at 71.21 against US Dollar on Tuesday vs. Monday's close of 71.17 against the US dollar. Indian financial and currency markets are closed on Wednesday for the Christmas holiday. Trading will resume on Thursday.

On Monday, the local unit settled lower by 6 paise to close at 71.1/$ amid a steady rise in crude oil prices.

Meanwhile, oil prices edged higher after Russia's Energy Minister, Alexander Novak, said cooperation with OPEC on supporting the market would continue and as analysts forecast a second weekly decline in US crude inventories.

Besides, foreign institutional investors (FIIs) bought shares worth Rs1,463.28cr, while domestic institutional investors (DIIs) sold shares worth Rs1,947.36cr, as per provisional data available on the NSE.

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