Rupee rules higher at 70.39 against dollar

The rupee inched up 8 paise to 70.39 against the dollar early Thursday because of selling in the American currency by banks and exporters.

The local currency, however, opened 6 paise down at 70.53.

“Today, the USD-INR pair is expected to quote in the range of 70.40 and 71.05,” Motilal Oswal Financial Services said in a report.

The rupee on Wednesday extended its losses by another 25 paise to close at 70.47 as the continued rise in global crude oil prices weighed on sentiment.

Yesterday, the greenback rose against its major crosses on speculation that talks between US and China could resolve their stand-off and ahead of the important FOMC minutes. Fed minutes suggest that officials at the central bank expressed increasing worries when they met last month, as they grappled with volatile stock markets, trade tensions and uncertain global growth.

The threats, they said, made the future path of interest rate hikes “less clear”.

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