Rupee at 70: Currency falls 10 paise to 70.89 against dollar in early trade on softening crude prices

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

Press Trust of India November 28, 2018 10:27:09 IST
Rupee at 70: Currency falls 10 paise to 70.89 against dollar in early trade on softening crude prices

Mumbai:  The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

The rupee opened lower at 70.88 per dollar against and dropped further to quote at 70.89, 10 paise down over its previous close.

Rupee at 70 Currency falls 10 paise to 7089 against dollar in early trade on softening crude prices

Representational image. Reuters

The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.

Meanwhile, on net basis, foreign funds bought shares worth Rs 811.52 crore, while DIIs purchased share to the tune of Rs 31.21 crore Tuesday, provisional data showed.

The BSE benchmark Sensex opened on a positive note for the third successive session, rising nearly 200 points, on positive global cues ahead of key G20 and Opec meetings. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, lower at 10,725.60.

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