Rupee surges 19 paise against US Dollar

Media reports suggested that foreign investors and finance ministry officials would meet today regarding higher tax surcharge.

Aug 09, 2019 07:08 IST India Infoline News Service

Indian Rupee
The Indian rupee opened higher for the second straight day on Friday tracking gains in domestic markets. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06% to 97.55.

Currently, the local unit is up by 19 paise at 70.50 against the US Dollar.

Media reports suggested that foreign investors and finance ministry officials would meet today regarding higher tax surcharge.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs437.39cr on Thursday, according to provisional exchange data.

Meanwhile, the local unit snapped its five-day losing streak to close higher by 20 paise at 70.69 against the US dollar on Thursday.

Further, oil prices rose aided by expectations of more production cuts by OPEC amid fears the US-China trade row could lead to a global slowdown, curbing demand for crude.

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