Rupee Slips by 11 Paise to 69.61 Against Dollar in Early Trade as Rising Oil Price Weighs on Investors

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Mumbai: The rupee opened on a weak note and declined by 11 paise to 69.61 against the US dollar in opening trade on Friday, as rising crude oil price concerns weighed on investor community.

The rupee opened weak at 69.55 at the interbank forex market and then fell further to 69.61, down 11 paise over its last close.

On Thursday, it had settled at 69.50 against the US dollar.

Forex traders said the rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy.

Besides, strengthening of the American currency in the overseas market and weak opening in domestic equities weighed on the local unit.

Meanwhile, foreign fund inflows supported the domestic currency.

Brent crude futures, the global oil benchmark, rose 0.47 per cent to USD 61.60 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 172.35 crore Thursday, as per provisional data.

Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 76.97 points down at 39,664.39 and Nifty down 28.25 points at 11,885.80.