Rupee opens 16 paise lower against US dollar amid weak global cues

The rupee on Wednesday opened 16 paise lower at 71.18 against the US dollar. The domestic unit on Monday depreciated by 14 paise to close at 71.02 as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.

"Indian rupee weakened along with other emerging Asian currencies against the US dollar as fresh doubts over US-China trade talks resurfaced after a report said that Beijing may be reluctant on agreeing to a broad deal," VK Sharma, Head - PCG & Capital Market Strategy, HDFC securities, had said on Monday. 

Foreign institutional investors (FIIs) remained net sellers in