Rupee vs dollar: Rupee gains 17 paise to 70.04 per US dollar in early morning trade
Indian rupee gained strength and rose as much as 17 paise in the early morning trade on Wednesday against US dollar, tracking gains in Asian markets and positive global cues. The domestic currency opened higher by about 16 paise at 70.05 per US dollar from the yesterday’s close of 70.20 per US dollar. In debt markets, the 10-year government bond yield was trading at 7.53% from its previous close of 7.532%. Bond yields and prices move in opposite directions.
The rupee was trading at 70.11 per US dollar, up 9 paise from its previous close, after touching an intra-day high of 70.04 per US dollar and an intra-day low of 70.14 per US dollar, according to data available with the Bloomberg.
The domestic unit remained under pressure for the second successive session, mainly on account of an increase om global crude oil price.
The domestic stock exchanges – Sensex and Nifty – opened higher on Wednesday, tracking positive global cues. Sensex is up about 250 points to 36,231.05, while the Nifty is trading above the 10,850-mark.
Asian shares rose to a 3-1/2-week high on Wednesday, on the back of growing optimism that the US and China can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy, Reuters reported. On the other hand, Wall Street’s S&P 500 rose about 1% on Tuesday, extending its rebound from 20-month lows touched around Christmas to more than 9%.
Global crude oil prices were also up today, on hopes that the US and China can resolve a trade battle that has triggered a global economic slowdown. While the US. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel as at 01:31, up 51 cents, or 1% from the last close, International Brent crude futures were up 42 cents, or 0.7% to $59.14 per barrel.
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