Rupee slips 9 paise to 69.89 vs USD in early trade

The rupee depreciated by 9 paise to 69.89 against the US dollar in early trade Monday on weak opening in domestic equities and rising crude oil prices.

The rupee opened weak at 69.87 at the interbank forex market and then fell further to 69.89, down 9 paise over its last close.

The local currency however pared the initial loss and was trading at 69.85 at 0951 hrs.

The rupee had settled at 69.80 against the US dollar Friday.

Forex traders said rising crude oil prices, foreign fund outflows and heavy selling in domestic equities kept pressure on the Indian rupee.

Brent crude futures, the global oil benchmark, rose 0.29 per cent to USD 62.19 per barrel.

Meanwhile, foreign institutional investors (FIIs) pulled out Rs 238.64 crore on a net basis Friday, provisional data showed.

Domestic bourses opened on a negative note Monday with benchmark indices Sensex trading 166.71 points down at 39,285.36 and Nifty down 58 points at 11,765.30.

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