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Last Updated : Oct 11, 2019 09:14 AM IST | Source: Moneycontrol.com

Rupee at one-week high, opens 24 paise up at 70.83 per dollar

The dollar slid to two-week lows on Thursday, with safe-haven demand for the currency waning.

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The Indian rupee opened 24 paise higher at 70.83 per dollar on October 11 and rose to a one-week high at 70.81 as the greenback weakened against its global peers.

The dollar slid to two-week lows on Thursday, with safe-haven demand for the currency waning as investors grew optimistic about progress towards a US-China trade deal and agreement on Britain's exit from the European Union, reported Reuters.

The US President Donald Trump said trade talks between the US and Chinese officials on Thursday went very well and the two sides had a very, very good negotiation.

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The Indian currency had settled flat at 71.07 per dollar on October 10 ahead of the US-China trade talks.

Brokerage firm Sharekhan by BNP Paribas expects the rupee to trade with a negative bias in October due to weak domestic market sentiment.

"Market sentiment is sombre on the rise in trade tensions between the US and China, US and EU, fears over the economic slowdown, and escalating geopolitical tensions in the Middle East. Further, continued FII outflows from local shares will hurt rupee.  The expected trading range in the near-term is 70.0-71.80," said the brokerage.

Meanwhile, foreign institutional investors (FIIs) sold shares worth Rs 263.11 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 502.67 crore in the Indian equity market on October 10, as per provisional data available on the NSE.

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First Published on Oct 11, 2019 09:09 am
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