The rupee opened lower against the US dollar on Friday, a day after it closed at a near five-week low, as oil prices spiked following US President Donald Trump’s move to impose more tariffs on China.

Share Market Live

NSE

At 09:05 AM, the rupee was trading at 69.23 a dollar, down 18 paise from its Thursday’s close of 69.05. The home currency opened at 69.24 and touched a high and a low of 69.21 and 69.27 a dollar, respectively.

In the currency market, the dollar scaled back from multi-year peaks after US President Donald Trump broke a truce in the Sino-US trade war.

Trump said he would impose an additional 10 percent tariff on $300 billion worth of Chinese imports on Sept. 1 after US negotiators returned from trade talks in Shanghai, saying China had failed to buy large quantities of US agricultural products as promised.

The dollar index was steady in Asia at 96.768 after falling 0.15 percent on Thursday, its biggest daily decline in two weeks.

In commodity markets, oil prices rose around 1 percent on Friday, steadying after an overnight plunge following US President Donald Trump’s move to impose more tariffs on Chinese imports.

Brent crude slumped more than 7 percent on Thursday, its steepest drop in more than three years. US crude fell nearly 8 percent, posting its worst day in more than four years,

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,057 crore on Thursday, provisional data showed.

In debt markets, the yields on the 10-year government bonds plunged 1.4 percent to 6.33 percent from its previous close of 6.42 percent. Bond yields and prices move in opposite directions.

First Published:Aug 2, 2019 9:08 AM IST