Rupee opens 11 paise lower at 71.79 against US dollar

The rupee on Monday opened 11 paise lower at 71.79 against the US dollar. The domestic unit on Friday declined by 22 paise to close at 71.90 amid strengthening of the greenback and cautious trading in the domestic equity market. 

Last week's provisional data from exchanges showed that foreign institutional investors (FIIs) became net sellers, as they off-loaded a total of Rs 20.67 billion worth of shares.

Foreign investors' portfolio investments have long been known as 'hot money' that comes in fast but can go out even faster and it is the outward journey that seems to be the underlying theme for