The Indian rupee opened lower by 7 paise in the opening trade at 71.43 against US Dollar vs. Friday's close of 71.37/$.
On Friday, the local unit ended lower by 6 paise at 71.37 against the US dollar tracking heavy selling in domestic equities and strengthening of the American currency in the overseas market.
According to RBI data on Friday, the country's foreign exchange reserves rose by $1.701 billion to a lifetime high of $473 billion in the week to February 7 on account of increase in foreign currency assets.
Meanwhile, US markets will remain shut today on account of Washington's Birthday. Oil prices edged lower on Monday with Brent crude was at $56.99 a barrel, down 33 cents and US West Texas Intermediate crude fell 13 cents to $51.92 a barrel.
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