Rupee opens stronger at 70.79 against US Dollar

On Friday, the local unit appreciated by 27 paise to settle at 70.94 against the US dollar as softening crude oil prices lifted forex market sentiments.

Jan 13, 2020 03:01 IST India Infoline News Service

The Indian rupee opened stronger at 70.79 against the US Dollar in the early trade. Currently, the rupee is trading higher by 11 paise at 70.86 against US Dollar.

On Friday, the local unit appreciated by 27 paise to settle at 70.94 against the US dollar as softening crude oil prices lifted forex market sentiments.

On the economy front, India's industrial output grew 1.8% in November against a contraction of 3.8% in October, according to the Index of Industrial Production (IIP) data released by the government.

Further, the country's foreign exchange reserves touched a record high of $461.157 bn, after it surged by $3.689 bn in the week to January 3, according to the RBI data.

On the international front, the Labor Department's closely watched monthly employment report on Friday also showed the jobless rate holding near a 50-year low of 3.5% 

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