Rupee weakens 16 paise to 70.24 per US dollar in early morning trade

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Published: December 27, 2018 10:10:53 AM

The rupee was trading at 70.24 per US dollar, down 16 paise after touching a low of 70.31 per US dollar and a high of 70.20 per US dollar from the Wednesday's close of 70.08 per US dollar.

On Wednesday, the domestic currency trimmed its early sharp rise to settle 8 paise higher at 70.07 against the US dollar.

Rupee vs dollar: The Indian rupee on Thursday weakened marginally against the US dollar and opened 13 paise lower to 70.20 per dollar, due to an overnight surge of about 8% in the crude oil prices and strengthened dollar against major global currencies. At 9:45 AM, the domestic currency was trading at 70.24 per US dollar, down 16 paise after touching a low of 70.31 per US dollar and a low of 70.20 per US dollar from the Wednesday’s close of 70.08 per US dollar, according to data available with Bloomberg.

On Wednesday, the domestic currency trimmed its early sharp rise to settle 8 paise higher at 70.07 against the US dollar, mainly on account of buying by importers in the last hour of trade. Meanwhile, crude oil prices rose about 8% in the previous session, helped by rebound in US touch. The increase in oil prices is the biggest since November 2016. The oil prices have dropped about 35% in October from its four-year high and are down about 15% so far this year.

Crude oil prices, however, declined today after previous day’s rally. Brent crude oil futures were down 8 cents, or 0.15% at $54.39 a barrel by 0237 GMT.

ALSO READ: Share market LIVE updates: Sensex rallies 392 points, Nifty above 10,800; RIL, TCS surge 2%

Meanwhile, the domestic stock markets– Sensex and Nifty– opened higher on Thursday, tracking positive global cues, after Asian markets rallied following the major gains seen on Wall Street yesterday. Sensex zoomed 392 points in the opening trade to 36,041.24, while the Nifty 50 was trading above the 10.800-level.

On the other hand, the yields on the 10-year government bonds were up 0.47% to 7.30% from its previous close of 7.26%. Bond yields and prices move in opposite directions.

 

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