Rupee opens 12 paise higher against US dollar amid drop in oil prices

The rupee on Thursday opened 12 paise higher at 70.95 against the US dollar amid recovery in global equities and a drop in crude oil prices. The domestic unit on Wednesday pared most of its initial losses and settled the day marginally down by 5 paise to 71.07 as China offering to buy additional US goods to ease trade tensions bolstered hopes of a partial deal between the two major economies. 

Forex traders said market participants are hopeful about the US-China trade meeting on October 10.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs