Rupee opens 21 paise higher against US dollar, slips later to 72.26

The rupee on Wednesday opened 21 paise higher at 72.18 against the US dollar. However, minutes later the currency slipped to 72.26 level. 

The domestic unit on Tuesday tumbled 99 paise to settle at 72.39. That marked its worst single-day fall since August 5 and the lowest closing level since November 13, 2018. The depreciation in rupee's value came on the back of heavy sell-off in the domestic equity market and a weak macro environment.

In the capital market, foreign investors (FPIs) continued their selling spree as they offloaded Rs 2,016.2 crore on Tuesday while domestic institutional investors (DIIs) bought