Mumbai: The rupee on Wednesday depreciated by 23 paise to 69.70 per dollar during early trade on Wednesday, amid strengthening of the American currency and lower opening in domestic equities. Forex traders said sustained foreign fund outflows weighed heavily on the domestic currency. However, lower crude oil prices curtailed the losses.
At the Interbank Foreign Exchange, the rupee opened weak at 69.60 then further fell to 69.70 against the Dollar- down 27 paise over it’s previous closing price. On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency.
The BSE benchmark Sensex on Wednesday dropped over 200 points and NSE Nifty fell below the 10,900-mark on sell off in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.
Meanwhile, foreign funds pulled out Rs 48.19 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 142.58 crore on Tuesday, provisional data showed.
Furthermore, Brent crude, the global benchmark, was trading lower at 53.59 per barrel, lower by 0.58
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