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1-min read

Rupee Gains 23 Paise to 70.21 Against US Dollar in Early Trade

Forex dealers said, investors sentiments were buoyed after US President Donald Trump on Tuesday hoped that the world's top two economies would be able reach an agreement.


Updated:May 15, 2019, 7:38 PM IST
Mumbai: The rupee appreciated by 23 paise to 70.21 against the US dollar in opening trade Wednesday, driven by easing crude prices, higher opening in domestic equities and on US-China trade talk hopes.

Forex dealers said, investors sentiments were buoyed after US President Donald Trump on Tuesday hoped that the world's top two economies would be able reach an agreement.

The rupee opened strong at 70.32 at the interbank forex market then gained further ground and touched 70.21 amid a positive opening in domestic equities, displaying gains of 23 paise over its last close.

The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar.

"I think it's going to turn out extremely well, we're in a very strong position," Trump said.

The President also described his relationship with President Xi Jinping of China as "extraordinary".

When asked about the talks with China having "collapsed". He rejected that characterisation. "We have a very good dialogue... it'll always continue. We had a deal that was very close and then they broke it," he said.

Meanwhile, foreign fund outflows weighed on the domestic currency and restricted the upmove.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,011.85 crore on a net basis Tuesday, provisional exchange data showed.

Brent crude futures, the global oil benchmark, eased 0.31 per cent to USD 71.02 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 87.83 points, or 0.24 per cent to quote at 37,410.15 while the NSE Nifty was trading at 11,245.00, down by 22.95 points, or 0.20 per cent.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
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