Mumbai: The rupee opened 18 paise lower at 70.18 against the US dollar on Friday on increased demand for the greenback from importers and banks amid lower opening of domestic equities.
Forex dealers said, strengthening of the American currency in the overseas market weighed on the domestic currency.
However, fresh foreign fund inflows, easing crude prices supported the rupee and restricted the fall.
The rupee opened weak at 70.18 at the interbank forex market, down 18 paise from its last close. The local currency, however, pared the initial loss and was trading at 70.11.