Rupee slips 16 paise to 69.10 vs USD

MUMBAI, July 24 (PTI): The rupee opened on a weak note and declined by 16 paise to 69.10 against the US dollar in opening trade on Wednesday, amid sustained foreign fund outflows and rising crude oil prices.

Forex traders said, cautious opening in domestic equities and strengthening of the US dollar vis-a-vis against other currencies overseas kept pressure on the Indian rupee.

The rupee opened weak at 69.10 at the interbank forex market, down 16 paise over its last close. The rupee had settled at 68.94 against the US dollar on Tuesday.

Forex traders said the rupee is expected to trade in a narrow range ahead of the much crucial European Central Bank (ECB) policy statement to be released on Thursday.

Other major global cues that are going to dictate terms to the rupee include the US second quarter preliminary GDP print on Friday and the Federal Open Market Committee (FOMC) meeting on July 31, traders said.