 "Rupee settles below 70 after three months, crude oil slides further")
The rupee on Wednesday opened 12 paise lower at 69.55 against the US dollar amid weak global cues and firm oil prices.
The domestic unit on Tuesday settled at 69.43, down 3 paise due to fag-end dollar demand from banks and importers amid sustained foreign fund outflows.
Losses in the domestic equity market and a strengthening dollar against major currencies overseas amid trade worries also weighed on the local unit, forex traders said.
Renewed tension between the US and China is keeping the volatility high for the dollar, says Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL).
