Rupee opens 4 paise lower at 71.52 against US dollar

The rupee on Wednesday opened 4 paise lower at 71.52 against the US dollar amid rise in crude oil prices. The domestic unit on Tuesday spurted by 54 paise, its biggest single-day gain in more than five months, to close at a one-week high of 71.48 against the US dollar, boosted by positive sentiment over the fiscal situation.

The Reserve Bank's decision to transfer a record Rs 1.76 lakh crore dividend and surplus reserves to the government revived the rupee, forex traders said.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 923.94 crore on