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Rupee gains 23 paise to 70.21 vs USD in early trade

Press Trust of India  |  Mumbai 

The appreciated by 23 paise to 70.21 against the US dollar in opening trade Wednesday, driven by easing crude prices, higher opening in domestic equities and on US-trade talk hopes.

Forex dealers said, investors sentiments were buoyed after US on Tuesday hoped that the world's top two economies would be able reach an agreement.

The opened strong at 70.32 at the interbank forex market then gained further ground and touched 70.21 amid a positive opening in domestic equities, displaying gains of 23 paise over its last close.

The Tuesday recovered 7 paise to close at 70.44 to the US dollar.

"I think it's going to turn out extremely well, we're in a very strong position," Trump said.

The also described his relationship with of as "extraordinary".

When asked about the talks with having "collapsed". He rejected that characterisation. "We have a very good dialogue... it'll always continue. We had a deal that was very close and then they broke it," he said.

Meanwhile, foreign fund outflows weighed on the domestic and restricted the upmove.

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.

Brent crude futures, the global oil benchmark, eased 0.31 per cent to USD 71.02 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 87.83 points, or 0.24 per cent to quote at 37,410.15 while the NSE Nifty was trading at 11,245.00, down by 22.95 points, or 0.20 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 10:06 IST