Rupee opens at 70.13, up 12 paise against US dollar amid slip in oil prices

The rupee on Friday opened 12 paise higher at 70.13 against the US dollar as the crude oil prices eased in the early trade after hitting $75/b in the previous session. The domestic unit on Thursday slumped 39 paise to close at more than six-week low of 70.25, mainly due to soaring crude oil prices. 

The dollar Index ended on a strong note and ended above 98 levels, highest since May 2017. The dollar headed for its biggest weekly gain in more than two months amid a rally in US stocks, treasuries and as traders awaited GDP data on Friday for confirmation that the US economy is outperforming its peers.

Today, USD/INR pair is expected to quote in the range of 70.05- 69.80 and 70.60-70.80, says Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL). 

In the equity market, Asian shares got off to a subdued start on Friday, while the dollar held near two-year highs against the euro on speculation that data later in the day will show the US economy outperforming the rest of the developed world, Reuters reported. 

Oil prices dipped on hopes that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions on Tehran by the United States.