Rupee opens 30 paise higher at 70.05 against US dollar

The rupee rebounded by 30 paise to open at 70.05 against the US dollar on Friday. In the previous session, the domestic unit tumbled by 29 paise to 70.35 amid strengthening of the greenback even as crude oil prices eased.

Rupee came under pressure Thursday but in the last few sessions it has been consolidating in a range of 69.70 and 70.30(Spot) despite volatility seen in global equities and as well as in global crude oil prices. US equities have been in focus primarily following a partial US government shutdown with lawmakers split over President Donald Trump’s demand for $5 billion in taxpayer funding for a proposed Mexican border wall. 

Today, USD/INR pair is expected to quote in the range of 70.05 and 70.80, says Gaurang Somaiya, Research Analyst(Currency) at Motilal Oswal Financial Services. 

On the global front, Asian stocks gained in the early trade after Wall Street ended volatile trade in the green, adding to the big advances of the previous session, although lingering investor jitters helped support safe-haven currencies such as the yen. 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent. It has fallen almost 4 per cent so far in December. The Shanghai Composite Index edged up 0.3 per cent, Reuters reported. 

Oil prices jumped as much as 3 per cent but growth in US crude stockpiles and ongoing concerns about the global economy kept markets under pressure, said a Reuters report.