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Rupee opens lower at 70.21/$ on stronger dollar

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Indian rupee fell 15 paise in the opening trade on Thursday, hurt by a rise in dollar and overnight surge in the crude oil prices.

Rupee opens lower at 70.21/$ on stronger dollar
Indian rupee fell 15 paise in the opening trade on Thursday, hurt by a rise in dollar and overnight surge in the crude oil prices.
At 09:10 AM, the rupee was trading at 70.25 a dollar, down 19 paise from its Wednesday’s close of 70.06. The home currency opened at 70.21 and touched a high and a low of 70.21 and 70.29 a dollar, respectively.
On Wednesday, the rupee trimmed its early sharp gains to settle 8 paise higher at 70.06 against the US currency mainly due to dollar buying by importers in the last hour of trade.
But the currency lost some ground today on the back of gains in the greenback. The dollar held on to most of its overnight gains on Thursday as investors cheered signs of easing US-Sino trade tensions and stronger-than-expected US economic data.
The dollar index, a gauge of its value versus six major peers, was steady at 96.91, after gaining 0.5 percent on Wednesday.
Oil prices soared 8 percent in the previous session, boosted by a rebound in the US stocks. The Dow Jones Industrial Average rocketed more than 1,000 points for the first time on Wednesday.
However, oil prices fell today after previous day's rally. Brent crude oil futures were down 8 cents, or 0.15 percent, at $54.39 a barrel by 0237 GMT.
In debt markets, the yields on the 10-year government bonds rose 0.47 percent to 7.30 percent from its previous close of 7.26 percent. Bond yields and prices move in opposite directions.
 
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