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Rupee slips 29 paise to 70.32 vs USD in early trade

Press Trust of India  |  Mumbai 

The declined by 29 paise to 70.32 against the US dollar in opening trade Friday as firmed up and US-trade related concerns weighed on investor community.

Forex traders said, besides the US-trade concerns, foreign fund outflows also kept pressure on the Indian

The opened weak at 70.22 at the interbank forex market and then fell further to 70.32, down 29 paise over its last close.

The rupee had settled at 70.03 against the US dollar on Thursday.

However, a positive opening in domestic equities supported the local unit and restricted the fall.

Brent crude futures, the global oil benchmark, rose 0.30 per cent to USD 72.84 per barrel.

Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 953.23 crore Thursday, as per provisional data.

Domestic bourses opened on a positive note Friday with benchmark indices Sensex trading 192.61 points up at 37,586.09 and Nifty rising 51.25 points to 11,308.35.

Meanwhile, on the global front, on Thursday warned of retaliation against US Donald Trump's order that effectively barred Chinese from the US market, saying will take "necessary measures" to safeguard rights and interest of its business firms.

The US and China are already locked in a trade battle that has seen mounting tariffs, sparking fears the conflict will damage the global

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

First Published: Fri, May 17 2019. 09:50 IST