Mumbai: The rupee opened on a cautious note and fell 4 paise to 69.38 against the US dollar in early trade Thursday amid strengthening of the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.
Forex traders said weak macro data foreign fund outflows and cautious opening in domestic equities added pressure to the domestic unit.
At the Interbank Foreign Exchange, the rupee opened on at 69.33 then fell to 69.38 against the US dollar, showing a decline of 4 paise over its previous closing.
The local unit, however, pared some losses and was quoted at 69.37 against the American currency at 1005 hrs.
The Indian rupee Friday had closed at 69.34 against the US dollar.
Foreign institutional investors (FIIs) pulled out Rs 1,050.43 crore on a net basis Wednesday, provisional data showed.
Brent crude futures, the global oil benchmark, fell 0.13 per cent to USD 59.89 per barrel.
On the domestic front, the Reserve Bank of India will infuse Rs 15,000 crore into the financial system through bond purchases Thursday.
“Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of (six) government securities under OMOs for an aggregate amount of Rs 150 billion June 13, 2019 (Thursday) through multi-security auction using the multiple price method,” the central bank had said in a statement.
Retail inflation spiked to 3.05 per cent in May from 2.99 per cent in April, government data showed.
PTI