The rupee on Wednesday opened 10 paise higher at 70.34 against the US dollar. The domestic currency on Monday recovered 7 paise to close at 70.44 on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment.
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.
On Wednesday, Asian stocks struggled near a 3-1/2-month low on lingering concerns over the economic impact of a US-China trade war, although an overnight bounce on Wall Street helped limit the losses. MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.05 per cent.
The dollar traded a shade higher at 109.675 yen while the dollar index against a basket of six major currencies was nearly flat at 97.534 after gaining 0.2 per cent the previous day, Reuters reported.
In commodities, oil prices eased. Brent crude futures were at $70.90 a barrel at 6:30 am, down 41 cents, or 0.7 per cent, from their last close. Brent closed up 1.4 per cent on Tuesday.