Mumbai: The rupee fell 11 paise to 70.60 against the US dollar in opening trade on Wednesday on increased demand for the greenback from importers and banks.
Forex dealers said strengthening of the American currency in the overseas market weighed on the domestic currency.
However, fresh foreign fund inflows, easing crude prices and positive opening in domestic equities supported the upward spree of the rupee.
On Tuesday, the rupee had strengthened by 43 paise to close at 70.49 against the US dollar.
Meanwhile, Brent crude futures, the global oil benchmark, eased 0.76 per cent to $ 65.36 per barrel. Benchmark indices Sensex and Nifty added 157 points and 53 points, respectively, on increased buying mainly in stocks of finance, metal and capital goods sectors.
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