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Last Updated : Oct 01, 2019 10:36 AM IST | Source: Moneycontrol.com

Rupee trades higher at 70.77 per dollar

On Monday, the Indian rupee declined 31 paise to close at 70.87 against the US dollar.

Moneycontrol News @moneycontrolcom
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Representative image

The Indian rupee erased some of its morning gains but trading higher by 10 paise at 70.77 per dollar.

It opened higher by 14 paise at 70.73 per dollar versus previous close 70.87 yesterday.

The Indian rupee declined 31 paise to close at 70.87 against the US dollar on Monday amid rising demand for the greenback vis-a-vis other currencies overseas, even as crude oil prices eased, said PTI.

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Forex traders said globally risk appetite has plunged as US-China trade concerns continue to linger. Besides, selling in domestic equities and unabated foreign fund outflows also weighed on the local unit, it added.

According to ICICIdirect, the dollar-rupee October contract on the NSE was at 71.07 in the previous session. Open interest increased 0.32% in the previous session.

We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.

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First Published on Oct 1, 2019 10:35 am

tags #Rupee

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