Rupee rises 9 paise to 70.25 vs USD in early trade

TIL Desk/Business/Mumbai/ 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.