Rupee rises 7 paise to 70.75 against US dollar in early trade

Traders said that the appreciation in the rupee was largely on the back of positive global cues such as easing US-China tensions.

Published: 16th January 2020 10:20 AM  |   Last Updated: 16th January 2020 10:20 AM   |  A+A-

Rs 100 notes, Rupees, Cash, money, Economy

For representational purposes (File Photo| IANS)

By PTI

MUMBAI: The rupee appreciated by 7 paise to 70.75 against the US dollar in early trade on Thursday as sign of easing tensions between the US and China strengthened investor sentiments.

The United States on Wednesday signed the first phase of a trade deal with China, which President Donald Trump described as historic, concluding more than a year of tough negotiations between the two largest economies of the world.

The first phase of the trade deal includes Intellection Property (IP) Protection and Enforcement, ending forced technology transfer, dramatic expansion of American agriculture, removing barriers to American financial services, ending currency manipulation, rebalancing the US-China trade relationship and effective dispute resolution.

The agreement was signed by President Trump and Chinese Vice Premier Liu He, Politburo Member and Vice Premier of the People's Republic of China.

At the interbank foreign exchange the rupee opened at 70.80 against the US dollar, then gained further ground and touched a high of 70.75 against the American currency, registering a rise of 7 paise over its previous close.

On Wednesday, rupee had settled for the day at 70.82 against the US dollar. Traders said that the appreciation in the rupee was largely on the back of positive global cues.

Meanwhile, domestic bourses opened on a strong note on Thursday with benchmark indices Sensex trading 155.38 points higher at 42,028.11 and Nifty 35.25 points at 12,378.55.The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.02 per cent to 97.20.

Foreign institutional investors (FIIs) remained net buyers in the capital market, as they purchased shares worth Rs 279.53 crore on Wednesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, rose 0.64 per cent to trade at USD 64.41 per barrel. The 10-year government bond yield was at 6.64 per cent in morning trade.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp