Rupee rises 9 paise to 70.25 against US dollar in early trade

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MUMBAI: The rupee appreciated marginally by 9 paise to 70.25 against the US dollar in opening trade on Thursday.

 

“Weakening of the American currency in the overseas markets supported the rupee, while rising crude prices, US-China trade concerns and foreign fund outflows weighed on the domestic currency”, Forex dealers said.

The rupee opened at 70.26 at the interbank forex market, and touched a high of 70.25, displaying gains of 9 paise over its last close.

The local unit, however, pared some gains and was trading at 70.28 at 0957 hrs.

On Wednesday, the rupee had appreciated 10 paise and closed at 70.34 against the US dollar.

As per provisional data, foreign institutional investors net sold equities worth Rs 1,142.44 crore on Wednesday.

Brent crude futures, the global oil benchmark, rose 0.57 per cent to USD 72.18 per barrel.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a tepid note on Thursday.

The 30-share index was trading 8.25 points or 0.02 per cent, higher at 37,123.13.

The broader NSE Nifty was also trading 2.05 points, or 0.02 per cent, up at 11,159.05.

 

With inputs from PTI

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