Rupee steady at 68.70 against US dollar amid higher local equities

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The rupee pared its early losses, trading steady at 68.70 against the American currency in late morning deals amid higher local equities.

The rupee resumed a tad higher at 68.69 from yesterday's closing level of Rs 68.70 at the interbank foreign exchange market here.

The Indian unit witnessed volatility and hovered between a high of 68.67 and low of 68.77 on dollar strength amid rising US-China trade tensions. It was trading stable at its overnight level of 68.70 at 1030 hrs.

The rupee drew strength from rallying domestic equities, a dealer said.

Overseas, the US dollar firmed against the basket of currencies in early Asian trade, it hit a more than 14-month high against the yuan, with markets gripped by worries over escalating trade tensions between the United States and China.

Meanwhile, the 30-share BSE Sensex is trading sharply higher by 279.49 points, or 0.75 per cent, at 37,444.65 at 1055 hrs.