Rupee opens lower at 70.26 per dollar against the previous close of 70.02

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Published: May 17, 2019 9:40:31 AM

The Indian Rupee opened lower on Friday morning after reports of China threatening the world’s largest economy US to retaliate over its sanctions as the trump administration banned China’s technology giant Huawei from its markets.

GST collection figure in april 2019Rupee opens on Friday morning amid conflict between US and China on trade tariffs

The Indian Rupee opened lower on Friday morning after reports of China threatening the world’s largest economy US to retaliate over its sanctions as the trump administration banned China’s technology giant Huawei from its markets.  Both the countries have been at daggers drawn since the US imposed sanctions on the Chinese goods of billion of dollars.

“Spot INR is likely to trade in a range between resistance at 70.45 & support at 70.05 as yesterday. Recovery in domestic equity markets is likely to support the rupee at lower levels,” Amit Sajeja, Associate Vice President, Motilal Oswal, told Financial Express Online.

Also read: What will steer share market today: Lok Sabha results, US-China trade war, other key things to watch out for

The rupee has been under pressure due to rising trade tensions between two superpower economies US and China. After the world’s largest economy US imposed tariffs on Chinese goods of $200 billion, China also hit back at the US and said it would levy tariffs on range of US goods of $60 from June 1. Yesterday, it also threatened the US for banning the products of Chinese technology giant Huawei in US networks.

Today, the rupee opened in red at 70.26 against the US dollar. It rose on Thursday by 31 paise to end at 70.02 on Thursday amid recovery in equity markets and surge in crude oil prices.

Yesterday, the foreign institutional investors were the net sellers, while the domestic instituional investors were the net buyers. According to NSE data, as on May 16, the FIIs sold shares worth Rs 953 crore on a net basis , whereas DIIs bought shares worth Rs 948 crore.

Today, the headline indices- Sensex and Nifty opened higher ahead of Exit polls on Sunday. While the Sensex is up about 155.96 points at 37,550.25 level, the Nifty is also trading higher by 40.10 points at 11,297.20 mark.

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