Rupee trades lower at 70.93 per dollar

17 January, 2020 12:00 AM printer

Rupee trades lower at 70.93 per dollar

NEW DELHI: The Indian rupee erased all its morning gains and trading 11 paise lower at 70.93 per dollar, with some buying seen in the domestic equity market.

It opened higher at 70.79 per dollar against previous close 70.82, report agencies.

On January 15, the rupee pared its early losses to settle 5 paise higher at 70.82 against the US dollar, ahead of the signing of phase 1 trade agreement between the US and China.

The dollar gave a little ground to riskier Asian currencies on Thursday, as investors hoped the Sino-US trade deal could herald warmer relations between the world’s two biggest economies and help to revive global growth.

The Sensex was up 94.56 points or 0.23 percent at 41967.29, and the Nifty was up 22.20 points or 0.18 percent at 12365.50.

Oil prices rose on Thursday, propelled higher by the long-anticipated signing of an initial trade deal between Washington and Beijing that sets the stage for a potentially huge increase in energy supplies from the United States to China.

The dollar-rupee January contract on the NSE was at 70.92 in the previous session. Open interest increased almost 4.58 percent in the previous session. Utilise downsides in the pair to initiate long positions, said ICICIdirect.