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The rupee had closed 7 paise lower against the greenback Friday at 71.23. On a weekly basis, it had registered a loss of 8 paise.
At the forex market, the rupee opened weak at 71.22 and slipped further to quote 17 paise down at 71.33 against the US dollar.
A strong dollar in overseas markets and a lower opening of the domestic equity market weighed on the rupee, a currency dealer said.
The rupee continued its upward trend for the sixth straight day despite good selling of the greenback by banks.
Though the greenback saw some good selling, the Indian currency strengthened with easing crude oil prices.
A fire broke out at a home appliance godown on South Janatha Road, Palarivattom on Saturday evening, causing damage of lakhs of rupees.
Moreover, easing crude prices and fresh foreign fund inflows also propped up the local unit.
Force traders said the surprise rate cut by the RBI, weakening of the US dollar as against other currencies overseas and easing crude prices supported the local unit.
Forex traders said the domestic currency gained strength after the Reserve Bank of India Thursday cut benchmark lending rate by 0.25 percentage point to 6.25 per cent.
Forex traders said positive opening in domestic equities, fresh foreign fund inflows and easing crude prices, however, capped the losses for the domestic unit.