Rupee slips 13 paise to 70.07 against USD in early trade

Mumbai: The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade on 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 70.04 at the interbank forex market and then fell further to 70.07 against the American currency, down 13 paise over its last close.

The rupee had settled at 69.94 against the US dollar on 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 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 percent to USD 70.61 per barrel.

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