Rupee tumbles 40 paise to 72.06 against US dollar in early trade

The rupee on Monday slipped to 72.06 in the opening deals on Monday amid weak global cues. The domestic unit on Friday ended at 71.66, up 15 paise on hopes that the government will roll back the FPI surcharge and unveil measures to boost growth. It had breached the 72-mark for the first time in 2019 during the intra-day trade on Friday. 

The Indian currency has witnessed heavy selling in the recent past, and has been depreciating against the dollar for the last seven consecutive weeks. There could be a pullback in the rupee as it looks extremely oversold in