ZCZC
BCN-15
INDIA-RUPEE-USD
Rupee rises 9 paise to 70.25 vs USD in early trade
Mumbai, May 16, 2019 (BSS/PTI) – The rupee appreciated marginally by 9
paise to 70.25 against the US dollar in opening trade Thursday, driven by
weakening of the greenback in overseas markets and positive opening in
domestic equities.
Forex dealers said, weakening of the American currency in the overseas
markets supported the rupee, while rising crude prices, US-China trade
concerns and foreign fund outflows weighed on the domestic currency.
The rupee opened at 70.26 at the interbank forex market, and touched a high
of 70.25, displaying gains of 9 paise over its last close.
The local unit however, pared some gains and was trading at 70.28 at 0957
hrs.
The rupee Wednesday had appreciated 10 paise and closed at 70.34 against the
US dollar.
Meanwhile, foreign institutional investors net sold equities worth Rs
1,142.44 crore on Wednesday, provisional data available with stock exchanges
showed.
Brent crude futures, the global oil benchmark, rose 0.57 per cent to USD
72.18 per barrel.
Domestic equity benchmarks BSE Sensex and NSE Nifty started on a tepid note
Thursday. The 30-share index was trading 8.25 points, or 0.02 per cent,
higher at 37,123.13. The broader NSE Nifty was also trading 2.05 points, or
0.02 per cent, up at 11,159.05.
On the global front, President Donald Trump has signed an executive order
barring American companies from installing the foreign-made telecom equipment
deemed a national security threat, a move apparently aimed at banning Chinese
giant Huawei from US networks.
The decision taken on Wednesday risks escalating tensions with China as the
world’s two largest economies clash over whether Huawei the world’s largest
provider of telecommunications equipment poses a spying risk to Western
infrastructure networks.
BSS/AFP/HR/1040