Rupee rebounds 7 paise against US dollar in early trade

The rupee recovered 7 paise to 70.14 against the US dollar in early trade on Wednesday on fresh selling of the American currency by exporters and banks amid early gains in domestic equities. Forex dealers said weakness in the dollar against some currencies overseas supported the domestic unit, but rising crude oil prices and foreign fund outflows capped the rise. At the Interbank Foreign Exchange (forex), the rupee opened higher at 70.08 but it slipped partially to quote 7 paise higher at 70.14.

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The unit was also boosted by a higher opening of the domestic equities market tracking positive cues from Asian stocks amid rising hopes of US and China striking a trade deal.

US President Donald Trump, on Tuesday, said that talks with Beijing on a trade deal were going on "very well".

The Indian rupee Tuesday plunged by 53 paise to close at 70.21 against the US dollar amid renewed concerns over widening of current account deficit following constant rise in global crude oil prices.

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Meanwhile, the benchmark BSE Sensex rose 226.01 points, or 0.63 per cent, to 36,206.94 in opening session.