Rupee slips 29 paise to 70.32 vs USD in early trade - Best Punjabi Newspaper 2019 | Rozana Spokesman
The
rupee declined by 29 paise to 70.32 against the US dollar in opening trade
Friday as crude oil prices firmed up and US-China trade-related concerns
weighed on investor community. Forex traders said, besides the US-China trade
concerns, foreign fund outflows also kept the pressure on the Indian rupee. The
rupee 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, China on Thursday warned of retaliation against US
President Donald Trump's order that effectively barred Chinese telecom giant
Huawei from the US market, saying Beijing 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 economy.
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