Rupee ups by 8 paise to 70.79 against dollar on easing trade, crude prices

The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. Forex traders said the rupee's rise was supported by dollar-selling by exporters and banks after the Chinese foreign ministry announced a mutually beneficiary agreement with the US. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.91 and lost further ground to hit a low of 71.02 on a stronger dollar, strengthening US yields and worries about escalation in US-China trade war. The local unit, however, pared the initial losses and finally settled the day on a higher note at 70.79 to the US dollar, up 8 paise. "The rupee recovered sharply from the day's low in the second half after Chinese Foreign Ministry spoke of mutual beneficiary agreement between US President Donald Trump and his Chinese counterpart," V K Sharma, Head PCG & Capital Markets Group, HDFC Securities, explained. The rupee Monday

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