Rupee opens 62 paise lower at 73.04 against dollar

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The Indian rupee opened with a sharp loss of 62 paise at 73.04 a dollar on February 26, as the rising US treasury yields boosted the greenback.

The rupee opened at a sharp discount against the previous day's close of 72.42. The Indian currency is now back over 73 per dollar mark, its lowest level this month so far.

In the previous session, the rupee ended 10 paise lower at 72.42 per dollar even as buying was seen in the equity market.

Brokerage firm ICICI Direct said the USD-INR March futures closed at 72.75 levels. However, considering the significant Call base at 73, the brokerage firm does not expect a major up-move from current levels with upsides remaining shorting opportunities.

Indian equities witnessed a sharp selloff in the early trade on February 26, which dragged the benchmark Sensex down by more than 1,100 points and the Nifty below 14,800.

Banking and financial stocks led the fall as the Nifty Bank, private bank, PSU bank and financial services indices fell more than 3 percent each.

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