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As on: Sep 22, 2019 10:04 PM
Rupee Edges Lower In Early Trades
17-May-19   10:45 Hrs IST
The Indian rupee reversed gains to edge lower against the dollar in early trades on Friday, 17 May 2019 as crude oil prices firmed up and US-China trade related concerns weighed on investor community. Besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee. Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 953.23 crore Thursday, as per provisional data. However, a positive opening in domestic equities supported the local unit and restricted the fall.

The domestic currency opened at Rs 70.22 against the dollar and registered an intra-day high and low of 70.16 and 70.32 respectively so far during the day. In the spot currency market, the Indian nit was last seen trading at 70.1850. The rupee had settled at 70.03 against the US dollar on Thursday.

Domestic benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 202.52 points or 0.54% at 37,596. The Nifty 50 index was up 46.05 points or 0.41% at 11,303.15. Overseas, Asian shares were mixed on Friday, following overnight gains on Wall Street after strong earnings and economic data helped quell some of the fears surrounding the ongoing US-China trade war. US stocks rose on Thursday after strong earnings from Walmart and Cisco Systems while banks climbed on higher rates.

Meanwhile, the US dollar edged down on Friday in Asia but still hovered near a two-week high following the release of robust U.S. housing data and a better-than-expected weekly jobless claims report. The U.S. Dollar index that tracks the greenback against a basket of other currencies was trading at 97.640.

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