Business / Rupee Edges Higher To 70.25 Against Dollar

NDTV : May 16, 2019, 11:40 AM

The rupee appreciated by 9 paise against the US dollar to 70.25 against in early trade on Thursday, driven by weakening of the greenback overseas and a positive opening in domestic equity markets. Forex dealers said weakness in the US dollar overseas supported the rupee while rising crude prices, US-China trade concerns and foreign fund outflows limited the gains. The rupee opened at 70.26 at the interbank forex market, and touched a high of 70.25, marking a gain of 9 paise over its last close.

At 9:57 am, the rupee gave up some of those gains to trade at 70.28 against the dollar.

The rupee had on Wednesday appreciated by 10 paise to close 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 benchmark for crude oil, were last seen trading 0.57 per cent higher at $72.18 per barrel.

Domestic stock markets started Thursday's session on a positive note, with the S&P BSE Sensex rising as much as 89.89 points to 37,204.77 in early trade. National Stock Exchange (NSE) benchmark index Nifty rose 27.55 points to 11,184.55. 

On the global front, US President Donald Trump 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.