Rupee rises 12 paise 70.75 against dollar

The Indian rupee has appreciated by 12 paise to 70.75 against the US dollar in early trade as easing crude prices strengthened investor sentiments. At the interbank foreign exchange, the rupee has opened at 70.75, registering a rise of 12 paise over its previous close.

However, The domestic unit could not hold on to the gains and was trading at 70.77 against the at 0959 hrs.

Forex traders have said that the investors were optimistic about the US-China trade talks in October. However, a weak opening in domestic equities has weighed on the local unit. Domestic bourses have opened on a cautious note with benchmark indices Sensex trading 113.23 points lower at 38,554.10 and Nifty down 20.70 points at 11,453.75.

The dollar index rose by 0.11 percent to 99.48. Market participants have said that sustained foreign fund outflows weighed on local currency. Foreign institutional investors have remained net sellers in the capital market.

Brent crude futures have fell 1.83 percent to trade at $60.78 per barrel. The 10-year government bond yield was at 6.70 percent in morning trade.

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