Rupee slips 29 paise to 70.32 vs USD in early trade

Mumbai, May 17

The rupee declined by 29 paise to 70.32 against the US dollar in opening trade on Friday as crude oil prices firmed up and US-China trade-related concerns weighed on investor community.

Forex traders said besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee.

The rupee opened weak at 70.22 at the interbank forex market and then fell further to 70.32, down 29 paise over its last close.

The rupee had settled at 70.03 against the US dollar on Thursday.

However, a positive opening in domestic equities supported the local unit and restricted the fall.

Brent crude futures, the global oil benchmark, rose 0.30 per cent to USD 72.84 per barrel.

Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 953.23 crore on Thursday, as per provisional data. — PTI