The Indian rupee opened on a cautious note and fell 14 paise to 71.01 against the US dollar in early trade on Wednesday as concerns over the US-China trade deal weighed on investor sentiments.
Forex traders said, the rupee along with other Asian currencies weakened after reports surfaced that tariffs on billions of dollars in Chinese goods will stay in place until after the US presidential election in November.
At the interbank foreign exchange, the rupee opened weak at 71.01, showing a decline of 14 paise over its previous closing.
The Indian rupee on Tuesday had closed at 70.87 against the dollar.
Meanwhile, US officials in a statement on Tuesday said that the trade deal with China set to be signed on Wednesday does not include a deal to roll back tariffs imposed on most Chinese goods.
The joint statement from the Treasury and the US Trade Representative's office said "there is no agreement for future reduction in tariffs. Any rumours to the contrary are categorically false."