The Indian rupee declined 4 paise to 73.06 against the US dollar in opening trade on Monday, tracking a firm American currency. At the interbank foreign exchange, the rupee opened at 73.02 against the dollar, then fell further to 73.06, registering a fall of 4 paise over its previous close.

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On Friday, the rupee had settled at 73.02 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading up 0.18 percent at 92.20.

Forex traders said a rally in domestic equities and sustained foreign fund inflows supported the rupee and contained the depreciation bias.

On the domestic equity market front, after hitting an all-time high of 58,515.85, the BSE Sensex was trading 274.79 points or 0.47 percent higher at 58,404.74, while the broader NSE Nifty surged 74.70 points or 0.43 percent to 17,398.30. The index touched an intra-day high of 17,429.55 in initial deals.

Meanwhile, foreign institutional investors were net buyers in the capital market on Friday, as they purchased shares worth Rs 768.58 crore, as per exchange data. Global oil benchmark Brent crude futures fell 1.06 percent to USD 71.84 per barrel.