Rupee trades lower at 70.36 against US Dollar

The currency opened at 70.51/$ ahead of RBI monetary policy decision on Wednesday.

Dec 04, 2018 04:12 IST India Infoline News Service

rupee vs dollar
The Indian rupee opened lower on Tuesday against US Dollar following recovery in crude oil prices and buying in the US currency from banks and importers. The currency opened at 70.51/$ ahead of RBI monetary policy decision on Wednesday.

The 10-year government bond yield stood at 7.615% from its previous close of 7.626%.

The local currency dropped by 88 paise, its biggest single-day loss in more than three months as oil prices rebounded and the US currency gained strength.

On the economy front, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose for the third consecutive month in November, up from 53.1 in October to 54. The latest figure signaled the strongest improvement in the health of the sector in almost one year.

RBI's reference rate for the dollar stood at Rs69.65, while for the euro, it was at Rs79.35. Further, its reference rate for the yen stood at Rs61.43, while that for the British pound sterling, it was at Rs89.08.

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