Rupee slips 15 paise to 70.84 against US dollar in early trade

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Rupee slips 15 paise to 70.84 against US dollar in early trade
Rupee slips 15 paise to 70.84 against US dollar in early trade

New Delhi : The Indian Rupee started on a cautious note and fell 15 paise to 70.84 against the US dollar in early trade on Wednesday tracking subdued opening in domestic equities.

At the interbank foreign exchange, the rupee opened at 70.80 then lost momentum and fell to 70.84 against the US dollar, showing a decline of 15 paise over its previous closing. The Indian Rupee had closed on Tuesday at 70.69 against the US dollar.

Sensex and Nifty opened 143.72 points and 45.30 points down respectively. Foreign institutional investors (FIIs) purchased shares worth Rs 473.17 crore on Tuesday, according to provisional exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.07 per cent to 97.91. Crude oil benchmark, Brent Futures, eased 0.62 per cent to USD 62.57 per barrel.

The US China trade war is another factor of weakening US dollar on the global trade. Meanwhile, the United Nations on Tuesday said that the ongoing trade war between the United States and China is harming both economies, with a sharp drop in exports and higher prices for consumers.