The rupee recovered by 7 paise to 64.90 against the US dollar in opening trade today at the forex market on increased selling of the greenback by exporters amid foreign fund inflows. A lower opening of the domestic equity market weighed on the domestic currency, but dollar's weakness against other currencies limited the losses, forex dealers said. Yesterday, the rupee had lost 10 paise and slipped to 64.97 against the US currency, cutting short its three-day upmove on bouts of dollar buying by banks and exporters. Meanwhile, the dollar stalled on Wednesday as global trade tensions remained elevated, with U.S. President Donald Trump discussing joining forces with Germany to counter China's economic practices. The dollar recovered slightly on hopes that negotiations between the United States and China would produce a compromise and avoid a full-blown trade war.

Source: dna March 28, 2018 04:30 UTC