The Indian rupee is trading higher by 31 paise at 71.47 per dollar against previous close 71.78.

Local currency opened higher by 28 paise at 71.50 per dollar.

The Indian rupee on September 17 weakened by another 18 paise to settle at 71.78 against the US dollar as investors fretted over higher crude oil prices, said PTI.

Elevated crude oil prices have emerged as major fears for India – the world’s third largest oil importer – in form of fiscal slippage and inflationary pressure, it added.

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