Mumbai: The rupee appreciated by 23 paise to 70.21 against the US dollar in opening trade Wednesday, driven by easing crude prices, higher opening in domestic equities and on US-China trade talk hopes.
Forex dealers said, investors sentiments were buoyed after US President Donald Trump Tuesday hoped that the world’s top two economies would be able reach an agreement.
The rupee opened strong at 70.32 at the interbank forex market then gained further ground and touched 70.21 amid a positive opening in domestic equities, displaying gains of 23 paise over its last close.
The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar.
Meanwhile, foreign fund outflows weighed on the domestic currency and restricted the upmove.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,011.85 crore on a net basis Tuesday, provisional exchange data showed.
Brent crude futures, the global oil benchmark, eased 0.31 per cent to USD 71.02 per barrel.