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Mumbai : The rupee rose by 30 paise to 70.05 against the US currency in opening trade Friday aided by foreign fund inflows amid a weak dollar globally and sharp fall in crude oil prices. Domestic stock markets opened with gains of up to 1 per cent which also supported the local currency.
The US dollar fell against major global currencies as investors turned their focus to safe-haven currencies amid renewed worries over US-China trade tensions and global economic growth.
The dollar index, which gauges the American currencies strength against a basket of six currencies, was down 0.23 per cent at 96.35. Overnight losses in crude oil also supported early gains in the rupee, analysts said.
Crude oil declined by 4.24 per cent to USD 52.16 per barrel Thursday after reports of an increase in US inventories. The oil prices, however, recovered losses Friday to trade 2.26 per cent higher at USD 53.34 a barrel. PTI
