MUMBAI: The rupee depreciated by 9 paise to 69.89 against the US dollar in early trade on Monday.
The rupee opened weak at 69.87 at the interbank forex market and then fell further to 69.89, down 9 paise over its last close.
The local currency however pared the initial loss and was trading at 69.85 at 0951 hrs.
On Friday, the rupee had settled at 69.80 against the US dollar
“Rising crude oil prices, foreign fund outflows and heavy selling in domestic equities kept the pressure on the Indian rupee”, Forex traders said.
Brent crude futures, the global oil benchmark, rose 0.29 per cent to USD 62.19 per barrel.
As per provisional data, foreign institutional investors (FIIs) pulled out Rs 238.64 crore on a net basis on Friday.
Domestic bourses opened on a negative note on Monday with benchmark indices Sensex trading 166.71 points down at 39,285.36 and Nifty down 58 points at 11,765.30.
With inputs from PTI