MUMBAI: The rupee depreciated 17 paise to 69.59 against the US dollar in opening trade on Tuesday on increased demand for the greenback from importers and banks.
“Strengthening of the American currency in the overseas market weighed on the domestic currency”, Forex dealers said.
However, sustained foreign fund inflows and positive opening in domestic equities supported the rupee and restricted the fall.
The rupee opened at 69.55 at the interbank forex market, then lost further ground and fell to 69.59, down 17 paise over its last close.
On Monday, the rupee had settled at 69.42 against the US dollar.
As per provisional data, Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 713.22 crore on Monday.
Meanwhile, brent crude futures, the global oil benchmark, fell 0.27 per cent to trade at USD 70.99 per barrel.
Benchmark indices Sensex was trading 212.10 points up at 39,117.94 and Nifty was quoted at 11,743.80 points, up 53.45 points.
With inputs from PTI