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Rupee opens marginally higher in early trade

Rupee opens marginally higher in early trade

Tue May 14 2019

 

Forex dealers said, foreign fund outflows, rising crude prices and US-China trade related concerns weighed on the domestic currency

 

The rupee recovered marginally and opened nine paise higher at 70.43 against the dollar on Tuesday amid weak global cues and foreign fund outflows.

 

The rupee opened at 70.43 at the interbank forex market, displaying gains of 9 paise over its last close.

 

The rupee on Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency.

 

Forex dealers said, foreign fund outflows, rising crude prices and US-China trade related concerns weighed on the domestic currency.

 

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,056.01 crore on a net basis Monday, as per provisional data.

 

Source: Reuters

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