MUMBAI: The rupee slumped 98 paise to 70.58 against the US dollar in opening trade on Monday.
The rupee opened weak at 70.20 at the interbank forex market and then fell further to 70.58, down 98 paise over its last close.
On Friday, the rupee had settled at 69.60 against the US dollar.
Brent crude futures, the global oil benchmark, fell 1.23 per cent to USD 61.13 per barrel.
As per provisional data, Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,888.06 crore on Friday.
Domestic bourses opened on a negative note on Monday with benchmark indices Sensex trading 533.94 points down at 36,584.28 and Nifty down 162.95 points at 10,834.40.
With inputs from PTI