Rupee slips 5 paise against US dollar in early trade

Mumbai : The rupee declined 5 paise to 75.49 against the US dollar in opening trade on Wednesday as persistent foreign fund outflows kept the pressure on the local unit.
However, a rally in the domestic equities and sliding crude prices in the international market restricted the rupee’s fall, according to forex traders.
The Reserve Bank of India kept the benchmark lending rate unchanged for the ninth time in a row at 4 per cent.
At the interbank foreign exchange, the rupee opened strong at 75.38 but could not hold on to the gains and slipped 5 paise to quote 75.49 against the American dollar in early deals.
In the previous session, the rupee had settled at 75.44 against the greenback.
Fitch Ratings on Wednesday cut India’s economic growth forecast to 8.4 per cent for the current fiscal but raised the growth projection for the next financial year to 10.3 per cent.