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As on: Jun 25, 2019 07:35 AM
Rupee Recovers Marginally In Early Trades
14-May-19   10:50 Hrs IST
The Indian rupee recovered against the dollar in early trades on Tuesday, 14 May 2019 amid weak global cues and foreign fund outflows. 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.

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.

The domestic currency opened at Rs 70.43 against the dollar and registered an intra-day high and low of 70.3950 and 70.4875 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 70.5150. 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.

Domestic equity indices were trading in a narrow range with small losses in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 35 points or 0.09% at 37,055.82. The Nifty 50 index was down 20.95 points or 0.19% at 11,127.25. The undertone of the market was weak as the trade war between US and China escalated. Overseas, Asian shares declined Tuesday following a sharp fall in US stocks overnight as the trade war between China and the United States escalated.

Meanwhile, the U.S. Dollar index that measures the greenback against a basket of other currencies was little changed at 97.115.

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