MUMBAI: The rupee depreciated marginally by 9 paise to 71.57 against the US dollar in early trade on Wednesday.
At the interbank foreign exchange, the rupee opened weak at 71.50 then fell to 71.57 against the US dollar, showing a decline of 9 paise over its previous closing.
However, the domestic currency pared the initial losses and was trading at 71.51 against the American currency at 0943 hours.
On Tuesday, the Indian rupee had closed at 71.48 against the US dollar.
Brent crude futures, the global oil benchmark, rose 0.67 per cent to USD 59.91 per barrel.
As per provisional data, Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 923.94 crore on Tuesday.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.07, higher by 0.08 per cent.
The 10-year government bond yield was at 6.52 per cent in morning trade.
Domestic bourses opened on a cautious note on Wednesday with benchmark indices Sensex trading 28.78 points down at 37,612.49 and Nifty higher by 11.50 points at 11,093.85.
With inputs from PTI