Rupee pares early losses, down 10 paise at 70.69 against US dollar

The rupee pared some early losses, trading 10 paise lower at 70.69 against the US currency in late morning deals on sustained month-end dollar demand from importers and rising crude oil prices.   

Earlier, the rupee resumed lower at 70.64 against Wednesday's closing level of 70.59 a dollar at the interbank foreign exchange market in Mumbai. 

The Indian unit dipped to a fresh all-time low of 70.90 in volatile trade, it was trading at 70.69 at 1030 hrs.

The rupee hovered between 70.62 and 70.90 during morning deals. 

 

The domestic unit came under pressure on surging crude oil, which held on its highest level in over a month, a dealer said.

Overseas, the US dollar was trading lower against its major peers in early Asian trade, while, British pound held firm after making its biggest gains in seven months the previous day, following comments from the European Union's chief negotiator offering Britain closing ties after Brexit.

 

Meanwhile, the 30-share BSE Sensex is moderately lower down 35.09 points, or 0.09 per cent, at 38,687.84 at 1055 hrs. 


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