The rupee opened on a weak note and declined by 20 paise to 68.70 against the US dollar in opening trade on Friday, ahead of the presentation of the Union Budget. India's first full-time woman Finance Minister Nirmala Sitharaman is scheduled to present the maiden Budget of Modi 2.0 dispensation at 11 am in Parliament today.
Forex traders said rupee slipped marginally against the US dollar as market participants awaited cues from the Union Budget to be presented in the Parliament on Friday.
The rupee opened weak at 68.55 at the interbank forex market and then fell further to 68.70, down 20 paise over its last close. The rupee had settled at 68.50 against the US dollar on Thursday.
Meanwhile, weakening of the American currency in the overseas market, easing crude oil prices and positive opening in domestic equities supported the local unit. Brent crude futures, the global oil benchmark, fell 0.03 per cent to USD 63.28 per barrel.
Foreign institutional investors (FIIs) were net sellers in the capital markets, pulling out Rs 28.95 crore on Thursday, as per provisional data. Domestic bourses opened on a positive note Friday with benchmark indices Sensex trading 71.30 points higher at 39,979.36 and Nifty up 19.50 points at 11,966.25.