Rupee opens 5 paise higher at 71.29 against US dollar as oil prices slip

Rupee on Wednesday opened 5 paise higher at 71.29 against the US dollar amid drop in crude oil prices. The domestic unit weakened by 11 paise to end at 71.34 against the greenback on Monday, amid firming crude oil prices and persistent foreign fund outflows.

Money market was closed on Tuesday on the account of Chhatrapati Shivaji Jayanti.

Rupee on Monday came under pressure against the US dollar after trade deficit for January widened compared to the previous month. In January, merchandise exports rose 3.7 per cent from a year earlier to $26.36 billion, while imports were up 0.01 per