MUMBAI: The rupee declined by 29 paise to 70.32 against the US dollar in opening trade on Friday.
“Besides the US-China trade concerns, foreign fund outflows also kept the pressure on the Indian rupee”, Forex traders said.
The rupee opened weak at 70.22 at the interbank forex market and then fell further to 70.32, down 29 paise over its last close.
On Thursday, the rupee had settled at 70.03 against the US dollar.
However, a positive opening in domestic equities supported the local unit and restricted the fall.
Brent crude futures, the global oil benchmark, rose 0.30 per cent to USD 72.84 per barrel.
As per provisional data, Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 953.23 crore on Thursday.
Domestic bourses opened on a positive note on Friday with benchmark indices Sensex trading 192.61 points up at 37,586.09 and Nifty rising 51.25 points to 11,308.35.
With inputs from PTI