Mumbai: The Indian rupee appreciated by 33 paise to 70.50 against the US dollar in early trade on Friday as gains in domestic equity market and positive developments on the US-China trade talk front strengthened investor sentiments.
Forex traders said the news that the US and China are very close to reaching a trade deal supported the local unit, reports PTI.At the interbank foreign exchange the rupee opened at 70.54, then gained further ground and touched a high of 70.50, registering a rise of 33 paise over its previous close.
On Thursday, rupee had settled for the day at 70.83 against the US dollar. The domestic unit, however, could not hold on to the gains and was trading at 70.53 against the dollar at 0937 hrs.
President Donald Trump on Thursday tweeted that the United States is “VERY close” to a trade deal with China, days before new tariffs are due to take effect. “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”
Trump tweeted. Besides, Myron Brilliant, the US Chamber of Commerce’s head of international affairs, who has been briefed by both the Trump administration and China said “We’re close to a deal”.