Rupee rises 12 paise to 70.75 against dollar in early trade; easing crude prices strengthen investor sentiments

On Monday, the rupee had settled for the day at 70.87 against the US dollar

Press Trust of India October 01, 2019 10:35:25 IST
Rupee rises 12 paise to 70.75 against dollar in early trade; easing crude prices strengthen investor sentiments
  • At the interbank foreign exchange the rupee opened at 70.75, registering a rise of 12 paise over its previous close

  • On Monday, the rupee had settled for the day at 70.87 against the US dollar

  • Forex traders said investors were optimistic about the US-China trade talks in October

Mumbai: The Indian rupee appreciated by 12 paise to 70.75 against the US dollar in early trade on Tuesday as easing crude prices strengthened investor sentiments.

At the interbank foreign exchange, the rupee opened at 70.75, registering a rise of 12 paise over its previous close.

On Monday, the rupee had settled for the day at 70.87 against the US dollar.

The domestic unit, however, could not hold on to the gains and was trading at 70.77 against the dollar at 0959 hrs.

Forex traders said investors were optimistic about the US-China trade talks in October.

Rupee rises 12 paise to 7075 against dollar in early trade easing crude prices strengthen investor sentiments

Representational image. Reuters.

However, a weak opening in domestic equities weighed on the local unit.

Domestic bourses opened on a cautious note on Tuesday with benchmark indices Sensex trading 113.23 points lower at 38,554.10 and Nifty down 20.70 points at 11,453.75.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.11 percent to 99.48.

Market participants, however, said sustained foreign fund outflows weighed on local currency.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 469.40 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 1.83 percent to trade at $60.78 per barrel.

The 10-year government bond yield was at 6.70 percent in morning trade.

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