Rupee Rises by 26 Paise to 70.88 Against Dollar in Early Trade

Mumbai: The Indian rupee appreciated by 26 paise to 70.88 against the US dollar in early trade on Friday as easing trade tensions between US and China strengthened investor sentiments.

Forex traders said fall in global crude oil prices and fresh foreign fund inflows also enthused investors. US Treasury Secretary Steven Mnuchin on Thursday said that US wants to make 'meaningful progress' in China trade talks.

At the interbank foreign exchange the rupee opened at 70.94, then gained further ground and touched a high of 70.88, registering a rise of 26 paise over its previous close. The domestic unit however could not hold on to the gains and was trading at 70.99 against the dollar at 1001 hrs.