Rupee opens 114 paise lower after RBI governor Urjit Patel resigns

The rupee opened lower in trade today after the surprise exit of RBI governor Urjit Patel with immediate effect. The currency tumbled 114 paise in early trade to 72.46 level compared to yesterday close of 71.32  level against the US dollar.

However, it recovered some losses and was trading at 72.14 level in the forex market at 10:00 am. 

RBI is the nodal agency which keeps a strict vigil on the rupee movement in the country.

Urjit Patel's move to quit as the Governor of the Reserve Bank is a jolt to investors as it shakes investor trust in its autonomy and will have an impact on the markets, warn analysts.

The rupee was also impacted as nagging worries on global trade war front and uncertain crude prices hurt forex market sentiment.