The Indian rupee declined 53 paise on Monday to trade at day’s low level of 69.88 against the dollar. The currency opened 43 paise lower at 69.78/$.
At 12:20 PM, IST, the Indian rupee was trading at 69.72/$. On Thursday, the unit managed to snap loss of the past three consecutive sessions and closed 25 paise higher at 69.35/$.
On Friday, forex markets were shut on account of Good Friday Holiday.
The depreciation could be attributed to the strong dollar against its major peers and increased crude oil prices.
International crude oil benchmark indice Brent climbed 2.56% at $73.81/bbl and WTI rose 2.34% at $65.50/$, Bloomberg data showed.
Prices of oil spurted after media reports suggested that the United States is likely to announce that all buyers of Iranian oil will have to stop their imports shortly or be subject to US sanctions.
Further, the strong dollar against its major peers also put pressure on the Indian rupee. The dollar rose on the back of better than expected retail sales data for March.