Rupee opens 8 paise higher at 71.23 against US dollar

The rupee opened eight paise higher at 71.23 against the US dollar on Monday. 

The domestic unit appreciated by 14 paise Friday to close at 71.31 against on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.

This is a big week for UK and European data, which could set the tone for forex market in the absence of any Brexit progress, said Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services. UK preliminary Q4 GDP, business investment and industrial production are due today, inflation on Wednesday and retail sales Friday, while euro zone