Rupee slips 15 paise to 69.84 vs USD in early trade

Mumbai:The rupee depreciated by 15 paise to 69.84 against the US dollar in early trade Wednesday on weak opening in domestic equities and foreign fund outflows.

The rupee opened weak at 69.77 at the interbank forex market and then fell further to 69.84, down 15 paise over its last close. The local currency however pared the initial loss and was trading at 69.77 at 0947 hrs.

The rupee had settled at 69.69 against the US dollar Tuesday.

Besides, strength in dollar against some major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept pressure on the Indian rupee, dealers said.

However, easing crude oil prices supported the rupee and restricted the downfall.

Brent crude futures, the global oil benchmark, fell 0.68 per cent to USD 69.63 per barrel.

On the global front, the Trump administration on Tuesday removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi which address some of its major concerns.

Switzerland is the other nation that has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.

Meanwhile, foreign institutional investors (FIIs) pulled out Rs 501.11 crore on a net basis Tuesday, provisional data showed.

Domestic bourses opened on a negative note Wednesday with benchmark indices Sensex trading 89.75 points down at 39,659.98 and Nifty down 14.80 points at 11,931.95.