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Rupee opens higher in early trade amid fall in crude oil price, dollar weakness

The currency opened at 70.55 per dollar compared to yesterday's close of 70.90 per dollar  amid sharp sell -off in equities.  The dollar weakened to 112.65 yen from 113.19 yen late Wednesday.

twitter-logo BusinessToday.In        Last Updated: December 7, 2018  | 09:24 IST
Rupee opens higher in early trade amid fall in crude prices, dollar weakness

The rupee opened 35 paise higher in early trade today amid weakness in the dollar and sliding crude oil prices.  The currency opened at 70.55 per dollar compared to yesterday's close of 70.90 per dollar  amid sharp sell -off in equities.  The dollar weakened to 112.65 yen from 113.19 yen late Wednesday. The euro rose to $1.1373 from $1.1342.

US crude dropped 2.6 percent to settle at $51.49 a barrel in New York. Brent crude, used to price international oils, slid 0.52% to $59.78 per barrel.

Meanwhile, the Sensex opened 197 points higher at 35,494 level. The Nifty too rose 35 points higher at 10,636.

On Thursday, the rupee fell 44 paise to close at 70.90 against the US dollar amid a strengthening greenback and sharp decline in equity markets.

The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations.

Brent crude, the international benchmark, dropped 2.76 per cent to trade at USD 59.86 per barrel amid a crucial meeting of Opec members.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 72.47 crore on Thursday , and domestic institutional investors (DIIs) were net sellers to the tune of Rs 389.78 crore, provisional data available with NSE showed.

Edited by Aseem Thapliyal

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