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The rupee tumbled by 29 paise to 70.35 against US dollar on Thursday amid strengthening of the greenback even as crude oil prices eased.
Brokers said the US dollar firmed up against major global currencies following easing of tensions between the White House and the Fed, which calmed investors’ nerves.
Progress in US-China trade negotiations and strong consumer spending data in the US added to the momentum, they added.
At the Interbank Foreign Exchange, the rupee opened sharply lower at 70.27 a dollar against its previous close of 70.06. The domestic unit moved in a range of 70.39 to 70.18 during the day, before closing at 70.35.
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