Rupee erases gains, trades at day’s low

The Indian rupee erased some of its morning gains but still trading higher by 19 paise at 70.64 per dollar, with buying seen in the domestic equity market.

It opened 29 paise higher at 70.54 per dollar versus previous close 70.83.

On December 12, the rupee ended marginally higher at 70.83 against the US currency amid uncertainty over the delay in the deadline for imposition of higher US tariffs on Chinese goods.

The Sensex was up 333.71 points or 0.82% at 40915.42, and the Nifty was up 85.20 points or 0.71% at 12057.00.

Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.

The dollar-rupee December contract on the NSE was at 70.92 in the previous session. Open interest increased 23.80% in the previous session, said ICICIdirect.

We expect the USDINR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.

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