Rupee Depreciates 26 Paise Against US Dollar
Mumbai: The rupee slipped by 26 paise to 70.18 against the US dollar in early trade Monday, amid US-China trade-related concerns and rising crude oil prices.
Forex traders said the strengthening of the greenback vis-a-vis other currencies overseas, foreign fund outflows and cautious opening in domestic equities weighed heavily on the domestic unit.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 70.16 then fell further to 70.18 against the US dollar, showing a decline of 26 paise over its previous closing.
The domestic unit, however, pared some losses and was quoted at 70.16 against the American currency during early trade on Monday.
On Friday, the Indian rupee had closed at 69.92 against the US dollar.
Furthermore, Brent crude futures, the global oil benchmark, rose 0.27 per cent to S70.81 per barrel.
Meanwhile, the BSE Sensex was trading at 37,448.91, lower by 14.08 points while the NSE Nifty was trading at 11,265.15 down by 13.75 points in early trade.