Rupee rises 9 paise to 70.25 vs USD in early trade

| | Mumbai
  • 0

Rupee rises 9 paise to 70.25 vs USD in early trade

Thursday, 16 May 2019 | PTI | Mumbai

Rupee rises 9 paise to 70.25 vs USD in early trade

The rupee appreciated marginally by 9 paise to 70.25 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets and positive opening in domestic equities.

Forex dealers said, 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.

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.

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

Meanwhile, foreign institutional investors net sold equities worth Rs 1,142.44 crore on Wednesday, provisional data available with stock exchanges showed.

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 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.

On the global front, President Donald Trump has signed an executive order barring American companies from installing the foreign-made telecom equipment deemed a national security threat, a move apparently aimed at banning Chinese giant Huawei from US networks.

The decision taken on Wednesday risks escalating tensions with China as the world's two largest economies clash over whether Huawei — the world's largest provider of telecommunications equipment — poses a spying risk to Western infrastructure networks.

State Editions

LG informs president Murmu of Atishi oath

19 September 2024 | Staff Reporter | Delhi

Delhi records 2,170 arms act cases in 2024

19 September 2024 | Staff Reporter | Delhi

North Delhi Medical College holds convocation ceremony

19 September 2024 | Staff Reporter | Delhi

Two cousins drowned in Yamuna during Ganpati immersion

19 September 2024 | Staff Reporter | Delhi

Sunday Edition

Paris Paralympics Para athletes bask in glory and gold

15 September 2024 | Rishabh Malik | Agenda

DUBLIN'S HIDDEN GEM

15 September 2024 | AKANKSHA DEAN | Agenda

From wheels to wings

15 September 2024 | Gyaneshwar Dayal | Agenda

We hope to instil a respect for our heritage:Tarun Thakral

15 September 2024 | Pioneer | Agenda

The Monsoon’s Whisper in Every Note

15 September 2024 | SAKSHI PRIYA | Agenda