Rupee Opens Marginally Higher in Early Trade

Mumbai, May 14 (PTI) The rupee recovered marginally and opened 9 paise higher at 70.43 against the US dollar Tuesday amid weak global cues and foreign fund outflows.

The rupee opened at 70.43 at the interbank forex market, displaying gains of 9 paise over its last close.

The rupee Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency.

Forex dealers said, foreign fund outflows, rising crude prices and US-China trade related concerns weighed on the domestic currency.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,056.01 crore on a net basis Monday, as per provisional data.

Brent crude futures, the global oil benchmark, rose 0.34 per cent to USD 70.47 per barrel.

Meanwhile, the benchmark BSE Sensex opened on a cautious note at 37,035.44, down by 55.38 points; while the NSE Nifty was trading at 11,132.20, lower by 16 points.

On the global front, US President Donald Trump remained adamant on his policy to impose a hefty import duty on Chinese products, which has resulted in a quick retaliation from China and a massive downslide in the American stock market fearing a US-China trade war.

"There can be some retaliation, but it can't be very, very substantial, by comparison," Trump told reporters at the Oval Office of the White House, which was soon after China announced retaliatory tariffs on import of American products. PTI

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)