Indian rupee falls 16 paise against US dollar in early trade

The rupee depreciated by 16 paise to 83.10 against the US dollar (22.64 against UAE dirham) in early trade on Monday, taking cues from subdued equity market sentiment and a firm American currency against major rivals overseas.

Withdrawal of foreign funds from domestic equities and upward movement in crude oil prices also weighed on the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.04 and hit the lowest level of 83.10 against the greenback, registering a fall of 16 paise from its previous close.

• Indian rupee rises 10 paise, global economic slowdown concerns limit sharp gains