Rupee declines 21 paise to 70.27 against US dollar in early trade

The rupee opened 14 paise higher at 70.20 against the US dollar on Thursday. Minutes later, the currency slipped further to 70.27.

The domestic unit trimmed its early sharp gains to settle 8 paise higher at 70.06 on Wednesday, mainly due to dollar buying by importers in the last hour of trade.

On the global front, oil prices fell in early trade after soaring 8 per cent in the previous session. 

The dollar-rupee January contract on the NSE was at 70.21 in the previous session. January contract open interest increased 36.90 per cent in the previous session, notes ICICI Direct