The Indian rupee opened lower on Monday amid heavy selling in domestic equities and rising crude oil prices. Also, strengthening of the greenback vis-a-vis other currencies overseas and foreign fund outflows weighed on the local unit.
The rupee opened at 68.95 then fell to 69.06 against the US dollar, showing a decline of 26 paise over its previous closing.
Currently, the rupee is trading at 17 paise lower at 68.98 against US Dollar.
The local unit on Friday had closed at 68.80 against the US dollar.
Meanwhile, Foreign Institutional Investors (FIIs) remained net sellers in the capital markets, pulling out Rs950.15cr on Friday, as per provisional data.
Further, Crude oil prices gain on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. Brent crude futures were up 0.8% at$62.98 a barrel. The international benchmark rose to as high as $63.47 earlier. West Texas Intermediate (WTI) crude futures were up 0.3% at $55.78.