Rupee opens lower at 71.95 per dollar.

The Indian rupee slipped in the early trade on Tuesday. It has opened lower by 55 paise at 71.95 per dollar on Tuesday versus Friday's close 71.40.

The rupee appreciated by 38 paise to close at a two-week high against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks, said PTI

At the interbank foreign exchange, the rupee opened up at 71.76 and gained further strength to touch a high of 71.38 against the US dollar.

The dollar-rupee September contract on the NSE was at 71.63 in the previous session. Open interest declined 3.27% in the previous session, said ICICIdirect.

We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.