On March 5, the rupee closed at 73.02 against the US dollar.
On March 8, the Indian rupee weakened 14 paise against the US dollar in open trade, based on investor sentiment due to rising crude oil prices and the strengthening of the US currency in the foreign exchange market.
In the interbank foreign exchange market, the domestic unit opened at 73.13 against the US dollar, then fell to 73.16 against the US currency, a decline of 14 paise over the previous close.
On March 5, the rupee had closed at 73.02 against the US currency.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, rose 0.07% to 92.04.
“Brent crude has exceeded $ 70 a barrel, while the US 10-year benchmark remains tight this Monday and can be sentimental,” Reliance Securities said in a research note.
Brent crude futures, the global oil benchmark, rose 2% to $ 70.75 a barrel.
However, with inflows into foreign exchange equity markets, depreciation may cross bias with the flow of corporate dollars, the note added.
On the domestic equity market front, the 30-share BSE benchmark Sensex was up 544.62 points to trade at 50,949.94, and the broader NSE Nifty rose 159.25 points to 15,097.35.
Foreign institutional investors were net sellers in the capital market, as they closed shares worth 6 2,014.16 crore as per exchange data on Friday.