The Indian rupee gained in early trade on Tuesday. It has opened higher by 14 paise at 70.73 per dollar versus previous close 70.87 yesterday.
The Indian rupee declined 31 paise to close at 70.87 against the US dollar on Monday amid rising demand for the greenback vis-a-vis other currencies overseas, even as crude oil prices eased, said PTI.
Forex traders said globally risk appetite has plunged as US-China trade concerns continue to linger. Besides, selling in domestic equities and unabated foreign fund outflows also weighed on the local unit, it added.
According to ICICIdirect, the dollar-rupee October contract on the NSE was at 71.07 in the previous session. Open interest increased 0.32% in the previous session.
We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.