Oil prices extended losses ahead of the crucial Opec meeting. Brent crude, the international benchmark, was trading 1.82 per cent lower at USD 59.74 per barrel.
The rupee came under pressure following heavy selling in domestic equities amid foreign fund outflows.
Crude oil prices surged over 1.07 per cent to USD 62.35 per barrel in global markets.
The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close.
The Pakistani currency shed 10 rupees in inter-bank trading by Friday afternoon after it was traded at 134 rupees on Thursday.
The rupee Monday fell by 18 paise to close at 70.87 against the US dollar.
In the last seven trading sessions, the rupee has gained a healthy 220 paise.
Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade on Monday.
It gained further ground to hit a high of 71.27, following dollar selling by exporters.
Stock markets also rose nearly 1 per cent to scale six-week high levels despite the ongoing RBI board meeting also supported the rupee sentiment.
Foreign funds bought shares worth a net of Rs 844 crore Friday, the provisional data showed.
The rupee was trading higher by 10 paise at 71.87 against the American currency in early deals Friday.
At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar.
The rupee recovered 21 paise to 72.91 against the US dollar early on Tuesday on increased selling by exporters.
The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows.
The rupee rebounded 11 paise to 73.84 against the dollar in early trade on Thursday on increased selling of the American currency by exporters.
The rupee dropped by 40 paise to 74.08 against the US dollar in early trade on Wednesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.
On Monday, the rupee ended almost flat at 73.45 against the US dollar.
On Monday, against the US dollar, the rupee ended almost flat at 73.45.
On Thursday, the rupee fell 11 paise to close at 73.27. The dollar rose to a 10-week high Friday ahead of US GDP data.
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