The magnetic susceptibility χ of FeTe x compounds () was studied under hydrostatic pressure up to 2 kbar at fixed temperatures of 55, 78 and 300 K. Measurements were taken both for polycrystalline and single crystalline samples. At ambient pressure, with decreasing temperature a drastic drop in χ (T) was confirmed at K, which appears to be closely related to antiferromagnetic ordering. The obtained results have revealed a puzzling growth of susceptibility under pressure, and this effect is enhanced by lowering the temperature. To shed light on the pressure effects in the magnetic properties of FeTe, ab initio calculations of its volume dependent band structure and the exchange enhanced paramagnetic susceptibility were performed within the local spin density approximation.