Rupee steady at 68.70 against US dollar amid higher local equities

The rupee pared its early losses, trading steady at 68.70 against the American currency in late morning deals amid higher local equities.

The rupee resumed a tad higher at 68.69 from yesterday's closing level of Rs 68.70 at the interbank foreign exchange market here.

The Indian unit witnessed volatility and hovered between a high of 68.67 and low of 68.77 on dollar strength amid rising US-China trade tensions. It was trading stable at its overnight level of 68.70 at 1030 hrs.

The rupee drew strength from rallying domestic equities, a dealer said.

Overseas, the US dollar firmed against the basket of currencies in early Asian trade, it hit a more than 14-month high against the yuan, with markets gripped by worries over escalating trade tensions between the United States and China.

Meanwhile, the 30-share BSE Sensex is trading sharply higher by 279.49 points, or 0.75 per cent, at 37,444.65 at 1055 hrs.