During the day, the local unit moved in a range of 70.51 to 70.30.The domestic currency finally ended at 70.44, up 7 paise against its previous close. The rupee had slid to a two-and-a-half-month-low of 70.51 Monday on heavy forex outflows. "Strong recovery in the domestic equity markets and US Futures helped the rupee maintain strength throughout the session," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.Foreign fund outflows, rising crude prices and US-China trade-related concerns continued to weigh on the domestic currency, dealers said. "Rupee has nearly depreciated by 1.4 per cent in the last one week on account of the escalating trade dispute between US and China and sustained outflow from the Indian capital market. The reference rate for rupee/British pound was fixed at 91.4370 and for rupee/100 Japanese yen at 64.04.

Source: Economic Times May 14, 2019 12:22 UTC