Rupee opens flat at 69.58 against US Dollar in early trade

Mumbai: The rupee opened on a flat note at 69.58 against the US dollar in opening trade Monday amid rising crude oil prices and foreign fund outflows. Forex traders said the domestic currency was under pressure and was trading in a narrow range after media report surfaced that Viral Acharya has quit as RBI deputy governor.

As per reports Acharya has resigned six months before the scheduled end of his term. The rupee opened at 69.58 at the interbank forex market, unchanged from its previous closing level. Forex traders said, rising crude oil prices, foreign fund outflows and cautious opening in domestic equities kept investors edgy.

Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 65.45 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 730.58 crore Friday, as per provisional data. Domestic bourses opened on a cautious note Monday with benchmark indices Sensex trading 26.44 points down at 39,220.93 and Nifty down 5.55 points at 11,729.65.