MUMBAI: The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade on Thursday, amid heavy sell-off in the domestic equity market and foreign fund outflows.
“The US-China trade concerns also weighed on the domestic currency”, Forex traders said.
The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close.
On Wednesday, the rupee had settled at 69.71 against the US dollar.
On the domestic front, foreign institutional investors (FIIs) pulled out Rs 701.50 crore on a net basis on Wednesday, provisional data showed.
Domestic bourses opened on a negative note on Thursday with benchmark indices Sensex trading 191.71 points down at 37,606.72 and Nifty down 54.60 points at 11,304.85.
Forex dealers said easing crude oil prices however supported the local unit and restricted the downfall.
Brent crude futures, the global oil benchmark, fell 0.78 per cent to USD 69.82 per barrel.
With inputs from PTI