Currency

Rupee opens marginally lower at 70.99 against US Dollar

Updated : December 19, 2019 09:03 AM IST

Indian rupee opened marginally lower on Thursday against the US dollar on rising crude oil prices and steady greenback, analysts said.

Rupee opened at Rs 70.99 per dollar against the previous close of Rs 70.97.

The local currency rebounded from early lows to close marginally up at 70.97 against the US Dollar on Wednesday helped by a record-breaking run in equity markets and weak crude oil prices.

Crude oil prices steadied on Thursday after U.S. government data showed a decline in crude inventories and on expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade fight.

The US House of Representatives voted to impeach President Donald Trump for abuse of power, making Trump the third US President in history to be impeached.

Brent crude oil traded 0.03 percent lower at $66.16 per barrel while WTI crude eased 0.03 percent to $60.91 per barrel on Thursday.

Asian shares declined on Thursday following uncertainty after the US House voted for President Trump' impeachment.

Meanwhile, Bank of Japan kept deposit rate unchanged at -0.1 percent and maintained 10-year JGB yield target around 0 percent.

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Rupee opens marginally lower at 70.99 against US Dollar

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