Rupee trades at 70.92 against US Dollar

Besides, foreign fund outflows and rising crude oil prices also weighed on local currency.

Aug 08, 2019 06:08 IST India Infoline News Service

Indian rupee 2000 notes in black leather wallet
The Indian rupee opened higher at 70.80 per dollar in the early morning trade. Currently, the local unit is up 3 paise at 70.92/$. Besides, foreign fund outflows and rising crude oil prices also weighed on local currency.

On the economy front, the RBI, in its bi-monthly policy review, trimmed the repo rate by 35bps to 5.4% and reverse repo rate at 5.15%, with stance maintained as accommodative. Marginal standing facility (MSF) and bank rate adjusted to 5.65%.

On Wednesday, the rupee dropped 8 paise at 70.89 against the US dollar.

Meanwhile, oil futures jumped more than $1 a barrel on Thursday amid a weaker dollar, recovering ground after concerns that a global economic slowdown would hurt crude demand sparked losses of over 4% in the previous session.

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