Rupee opens 23 paise lower at 70.26 against US dollar

The rupee on Friday opened 23 paise lower at 70.26 against the US dollar on Friday amid rise in crude oil prices. The domestic currency on Thursday surged by 31 paise to close at 70.03. 

"Indian rupee strengthened for third session against US dollar. Even after surge in crude oil prices and foreign fund outflow in equity cash segment, rupee manages to gain," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

Volatility in today’s session could remain low as market participants will also remain cautious ahead of the exit polls that will start this weekend, says Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL). 

Last phase of Lok Sabha elections is scheduled on Sunday after which we could witness extended volatility not only in equity indices but also in currencies.

"Today, USD/INR pair is expected to quote in the range of 70.05 and 70.70," Somaiya added. 

On the global front, Asian shares were trading mixed in the early trade on Friday. Shanghai stocks slipped amid the fallout from President Donald Trump’s move to block China’s Huawei Technologies from buying vital American technology. MSCI’s broadest index of Asia-Pacific shares outside Japan lost early gains to dip 0.1 per cent, Reuters reported. 

In commodities, oil prices edged higher on Friday, extending gains into a fourth session as rising tensions in the Middle East stoked fears of potential supply disruptions, said a Reuters report.

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