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As on: Sep 16, 2019 06:03 PM
Rupee Strengthens On Easing Crude And Positive Equities
15-May-19   10:48 Hrs IST
The Indian rupee strengthened further against the dollar in early trades on Wednesday, 15 May 2019 driven by easing crude prices, higher opening in domestic equities and on US-China trade talk hopes. Investors sentiments were buoyed after US President Donald Trump on Tuesday hoped that the world's top two economies would be able reach an agreement.

Meanwhile, foreign fund outflows weighed on the domestic currency and restricted the upmove. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,011.85 crore on a net basis Tuesday, provisional exchange data showed.

The domestic currency opened at Rs 70.32 against the dollar and climbed further to a high of 70.2150 so far during the day. In the spot currency market, the Indian unit was last seen trading at 70.2650. The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar.

Domestic benchmark indices were trading higher in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 52.59 points or 0.14% at 37,371.12. The Nifty 50 index was up 27.75 points or 0.25% at 11,249.80.

Overseas, Asian shares were mostly higher Wednesday, following a recent slump amid escalating tensions on the US-China trade front. US stocks advanced on Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week. US President Donald Trump on Tuesday called the escalating dispute with China a little squabble but said Washington was still considering extending tariffs to another $300 billion worth of Chinese merchandise.

Meanwhile, the dollar index against a basket of six key rivals was steady at 97.542, having risen 0.2% during the previous session.

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