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The rupee pared early gains and settled lower by 11 paise at 70.93 against the US dollar on Thursday amid steady rise in crude oil prices and dollar demand from importers.
At the interbank foreign exchange market, the domestic currency opened on a strong note at 70.80 a dollar. But during the day it lost momentum and touched a low of 70.98 against the American currency.
The rupee finally settled the day at 70.93, showing a fall of 11 paise over its previous close.
Forex traders said the rupee pared its early gains despite the US-China signing the phase-1 trade deal, as huge uncertainty still remains, which might make it difficult for China and the US to reach a comprehensive trade deal.
The United States on Wednesday signed the first phase of a trade deal with China, which President Donald Trump described as historic, concluding more than a year of tough negotiations between the two largest economies of the world.
“Indian rupee erased early morning gains and last quoted at 70.93 with loss of 11 paise as dollar buying seen by banks on behalf of the importers,” said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.
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