The rupee fell by 58 paise to 70.28 against the US dollar on Friday amid strengthening of the US dollar against some currencies overseas and foreign fund outflows.

Forex traders said besides increased demand of the US currency from importers, the dollar’s strength against some currencies overseas weighed on the rupee.

The rupee opened lower at 69.93 against the dollar and dropped further to a low of 70.32, before being quoted at 70.28 at 3 pm.

On Thursday the domestic currency appreciated by 69 paise to close at 69.70 against the US dollar.

Traders said a lower opening in domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit.

Globally, Brent crude, the international benchmark, was trading 1.27 per cent higher at USD 55.04 per barrel.

Foreign funds pulled out ₹ 386.44 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth₹87.96 crore Thursday, provisional data showed.