Rupee slips 26 paise to 70.18 versus US dollar

The rupee depreciated by 26 paise to 70.18 against the US dollar in early trade on Monday amid U.S-China trade related concerns and rising crude oil prices.

Forex traders said the strengthening of the greenback vis-a-vis other currencies overseas, foreign fund outflows and cautious opening in domestic equities added pressure to the domestic unit.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 70.16 then fell further to 70.18 against the US dollar, showing a decline of 26 paise over its previous closing.

The local unit, however, pared some losses and was quoted at 70.16 against the American currency at 0937 hrs.

The Indian rupee on Friday had closed at 69.92 against the US dollar.