MUMBAI: The Indian rupee opened on a cautious note and fell 7 paise to 70.63 against the US dollar in early trade on Monday.
At the interbank foreign exchange, the rupee opened on a strong note at 70.37 then lost momentum and fell to 70.63 against the US dollar, showing a decline of 7 paise over its previous closing.
On Friday, the Indian rupee had closed at 70.56 against the US dollar.
Domestic bourses opened on a negative note on Monday with benchmark indices Sensex trading 255.85 points down at 38,566.72 and Nifty lower by 83.20 points at 11,429.20.
According to provisional exchange data, Foreign institutional investors (FIIs) offloaded shares worth Rs 213.60 crore on Friday.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.03 per cent to 99.13.
Crude oil benchmark, Brent Futures, rose 0.05 per cent to USD 61.94 per barrel.
Meanwhile, the 10-year government bond yield was at 6.70 per cent in morning trade.
With inputs from PTI