<p class="title">The Indian rupee appreciated by 33 paise to 70.50 against the US dollar in early trade on Friday as gains in domestic equity market and positive developments on the US-China trade talk front strengthened investor sentiments.</p>.<p class="bodytext">Forex traders said the news that the US and China are very close to reaching a trade deal supported the local unit.</p>.<p class="bodytext">At the interbank foreign exchange, the rupee opened at 70.54, then gained further ground and touched a high of 70.50, registering a rise of 33 paise over its previous close.</p>.<p class="bodytext">On Thursday, rupee had settled for the day at 70.83 against the US dollar.</p>.<p class="bodytext">The domestic unit, however, could not hold on to the gains and was trading at 70.53 against the dollar at 0937 hrs.</p>.<p class="bodytext">President Donald Trump on Thursday tweeted that the United States is "VERY close" to a trade deal with China, days before new tariffs are due to take effect.</p>.<p class="bodytext">"Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Trump tweeted.</p>.<p class="bodytext">Besides, Myron Brilliant, the US Chamber of Commerce's head of international affairs, who has been briefed by both the Trump administration and China said: "We're close to a deal".</p>.<p class="bodytext">Besides, higher opening in domestic equities supported the local unit.</p>.<p class="bodytext">Domestic bourses opened on a positive note on Friday with benchmark indices Sensex trading 269.32 points higher at 40,851.03 and Nifty up 72.95 points at 12,044.75.</p>.<p class="bodytext">Market participants said foreign fund outflows and rising crude prices weighed on the local currency.</p>.<p class="bodytext">Foreign institutional investors (FIIs) sold shares worth Rs 683.83 crore on Friday, according to provisional exchange data.</p>.<p class="bodytext">Brent crude futures, the global oil benchmark, rose 0.72 per cent to trade at USD 64.66 per barrel.</p>.<p class="bodytext">The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.64 per cent to 96.77.</p>.<p class="bodytext">The 10-year government bond yield was at 6.83 per cent in morning trade.</p>.<p class="bodytext">On the domestic front, rising food prices pushed the retail inflation in November to an over three-year high of 5.54 per cent, while the industrial sector output shrank for the third month in a row by 3.8 per cent in October, indicating a deepening slowdown in the economy.</p>.<p class="bodytext">Photo by DH</p>
<p class="title">The Indian rupee appreciated by 33 paise to 70.50 against the US dollar in early trade on Friday as gains in domestic equity market and positive developments on the US-China trade talk front strengthened investor sentiments.</p>.<p class="bodytext">Forex traders said the news that the US and China are very close to reaching a trade deal supported the local unit.</p>.<p class="bodytext">At the interbank foreign exchange, the rupee opened at 70.54, then gained further ground and touched a high of 70.50, registering a rise of 33 paise over its previous close.</p>.<p class="bodytext">On Thursday, rupee had settled for the day at 70.83 against the US dollar.</p>.<p class="bodytext">The domestic unit, however, could not hold on to the gains and was trading at 70.53 against the dollar at 0937 hrs.</p>.<p class="bodytext">President Donald Trump on Thursday tweeted that the United States is "VERY close" to a trade deal with China, days before new tariffs are due to take effect.</p>.<p class="bodytext">"Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Trump tweeted.</p>.<p class="bodytext">Besides, Myron Brilliant, the US Chamber of Commerce's head of international affairs, who has been briefed by both the Trump administration and China said: "We're close to a deal".</p>.<p class="bodytext">Besides, higher opening in domestic equities supported the local unit.</p>.<p class="bodytext">Domestic bourses opened on a positive note on Friday with benchmark indices Sensex trading 269.32 points higher at 40,851.03 and Nifty up 72.95 points at 12,044.75.</p>.<p class="bodytext">Market participants said foreign fund outflows and rising crude prices weighed on the local currency.</p>.<p class="bodytext">Foreign institutional investors (FIIs) sold shares worth Rs 683.83 crore on Friday, according to provisional exchange data.</p>.<p class="bodytext">Brent crude futures, the global oil benchmark, rose 0.72 per cent to trade at USD 64.66 per barrel.</p>.<p class="bodytext">The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.64 per cent to 96.77.</p>.<p class="bodytext">The 10-year government bond yield was at 6.83 per cent in morning trade.</p>.<p class="bodytext">On the domestic front, rising food prices pushed the retail inflation in November to an over three-year high of 5.54 per cent, while the industrial sector output shrank for the third month in a row by 3.8 per cent in October, indicating a deepening slowdown in the economy.</p>.<p class="bodytext">Photo by DH</p>