USD/INR opened at 71.92 against its closing at 71.55. The Indian rupee was sharply lower against the dollar in early trade today because of increasing fears over the rapid spread of coronavirus outside China, which worsened appetite for riskier assets. On Thursday, US confirmed that 33 people have tested positive for the virus in California. Worries over economic fallout due to virus spread roiled financial markets worldwide, dragging US stocks lower by 10% this week. This is expected to spill over to domestic share indices as well, and prompt foreign portfolio investors to pull out funds. This may weigh on the rupee during the day. This week, foreign portfolio investors have pulled out $1.54 bln from Indian assets. Even as weak sentiment globally has put pressure on Asian currencies during the month, the rupee has declined by 0.3% against the greenback this month so far on the back of foreign fund inflows pouring into Indian companies through various fundraising channels. The company plans to raise funds through fresh issue of shares of 5 bln rupees, and an offer for sale of up to 130.53 mln shares by promoters. The four-day offer will open for subscription on Monday. Dealers have pegged strong resistance around 71.55-71.60 a dollar, where oil marketing companies may step in to purchase the greenback noting over 13%-fall in crude oil prices during the week. At 0825 IST, prices of Brent crude futures for April delivery traded at $51.40 per barrel on the Intercontinental Exchange, compared with $52.18 per bbl at close on Thursday.