Rupee breaks 3-day recovery trend; falls 36 paise to 73.93 against dollar in early trade on rising crude prices

Mumbai: The rupee dropped 36 paise to 73.93 against the US currency in early trade Monday, breaking its three-day recovery trend, as crude prices rose amid weak macroeconomic data. A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee. Dealers said, factors like the dollar’s strength against some other currencies overseas and a volatile opening of the equity markets also impacted the domestic currency. [caption id=“attachment_5153451” align=“alignleft” width=“380”]  Representative image.[/caption] Industrial production slipped to a three-month low of 4.3 percent in August and retail inflation rose marginally to 3.77 percent in September, according to the data released by Central Statistics Office Friday. On Friday, the rupee had ended 55 paise higher at 73.57 against the dollar, as global crude prices eased and domestic indices staged a smart rebound. Foreign institutional investors (FIIs) sold shares to tune of Rs 1,322 crore Friday, provisional data showed. The benchmark BSE Sensex fell by 70.85 points, or 0.20 percent, to 34,662.73 in early trade after crossing the key 35,000-mark to hit a high of 35,008.65 at the outset.