USD/INR closed at 71.5525 against its opening at 71.4150. The Indian rupee was lower against the US dollar in early trade because risk appetite declined worldwide after Apple Inc said it not meet its revenue targets amid coronavirus concerns. However, expectations for foreign fund inflows into Indian financial markets support the rupee. In December, reports said that Reliance Industrial Investments and Holdings Ltd had signed an agreement with Canada-based Brookfield Infrastructure Partners LP and its partners, which will invest 252.15 bln rupees for units issued by Reliance Jio Infocomm's tower infrastructure trust. The proceeds of this stake sale would amount to around $3.5 bln at the prevailing exchange rate. Moreover, comments from a senior finance ministry official on Monday that the government is likely to release the guidelines on inclusion of select Indian government bonds on global indices in the calendar for market borrowing in the first half of 2020-21 (Apr-Mar), may also support the rupee.