MUMBAI: The rupee depreciated by 26 paise to 70.18 against the US dollar in early trade on Monday.
“The strengthening of the greenback vis-a-vis other currencies overseas, foreign fund outflows and cautious opening in domestic equities added pressure to the domestic unit”, Forex traders said.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 70.16 then fell further to 70.18 against the US dollar, showing a decline of 26 paise over its previous closing.
The local unit, however, pared some losses and was quoted at 70.16 against the American currency at 0937 hrs.
On Friday, the Indian rupee had closed at 69.92 against the US dollar.
Foreign institutional investors (FIIs) pulled out Rs 1,245.14 crore on a net basis on Friday, provisional data showed.
Brent crude futures, the global oil benchmark, rose 0.27 per cent to USD 70.81 per barrel.
Meanwhile, domestic bourses opened on a cautious note Monday. The BSE gauge Sensex was trading at 37,448.91, lower by 14.08 points while the NSE Nifty was trading at 11,265.15 down by 13.75 points in early trade.
With inputs from PTI