Rupee slips 13 paise against US dollar

Prime News, National and International, Business, Mumbai, May 10:- The rupee depreciated by 13 paise to Rs 70.07 against the US dollar in early trade Friday as US-China trade related concerns and foreign fund outflows weighed on investor sentiments.

Forex traders said, rising crude oil prices and strengthening of the US dollar against some major rival currencies overseas also pulled down the local unit. The rupee opened weak at Rs 70.04 at the interbank forex market and then fell further to Rs 70.07 against the American currency, down 13 paise over its last close. The rupee had settled at Rs 69.94 against the US dollar Thursday.

Meanwhile, President Donald Trump on Thursday held out hopes of salvaging a trade deal with China.

“It’s possible to do it,” Trump said of the trade deal at the White House. “I did get last night a very beautiful letter from President Xi.” But Trump warned he was also more than happy to use tariffs in resolving his differences with China.

On the domestic front, foreign institutional investors (FIIs) pulled out Rs 655.36 crore on a net basis Thursday, provisional data showed. Domestic bourses opened on a cautious note on Friday with benchmark indices Sensex trading 18.16 points higher at 37,577.07 and Nifty down 4.70 points at 11,297.10.

Brent crude futures, the global oil benchmark, rose 0.31 per cent to USD 70.61 per barrel. (Inputs: Agencies, NGB)

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