Rupee opens 13 paise lower at 71.90 against US dollar amid weak global cues

The rupee on Thursday opened 13 paise lower at 71.90 against the US dollar amid weak global cues. 

The domestic unit on Wednesday lost 29 paise to close at 71.77 as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen.

Rising crude oil prices and weakness in the equity market put further pressure on the domestic currency, forex dealers said.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 923.94 crore on Wednesday, as per provisional data.

On the domestic front, the Union Cabinet on Wednesday relaxed