MUMBAI: The rupee depreciated by 15 paise to 69.84 against the US dollar in early trade on Wednesday.
The rupee opened weak at 69.77 at the interbank forex market and then fell further to 69.84, down 15 paise over its last close.
The local currency however pared the initial loss and was trading at 69.77 at 0947 hrs.
On Tuesday, the rupee had settled at 69.69 against the US dollar.
“Strength in dollar against some major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept the pressure on the Indian rupee”, dealers said.
However, easing crude oil prices supported the rupee and restricted the downfall.
Brent crude futures, the global oil benchmark, fell 0.68 per cent to USD 69.63 per barrel.
Meanwhile, foreign institutional investors (FIIs) pulled out Rs 501.11 crore on a net basis Tuesday, provisional data showed.
Domestic bourses opened on a negative note on Wednesday with benchmark indices Sensex trading 89.75 points down at 39,659.98 and Nifty down 14.80 points at 11,931.95.
With inputs from PTI