USD/INR closed at 70.70 against its opening at 71.17. USD/INR ended lower during afternoon trades Tuesday on selling by exporters amid inflows related to Vodafone-Idea deal, Axis bank stake sale."Rupee appreciated against dollar on the Vodafone Idea capital infusion and Axis bank stake sale through the Specified Undertaking of Unit Trust of India (SUUTI).
Foreign banks are the main sellers along with the exporters however, spot opened higher on strong dollar.The greenback surged against major peers on lingering worries regarding global economic growth.
The talks between US-China will try to hammer out a deal before 1st March deadline after which US tariff on $200 billion worth of the Chinese imports are scheduled to increase to 25 % from 10%.nvestors focus on high level trade talks in China this week.
The dollar index, which weighs greenback against a basket of six major currencies, traded at 97.05 Tuesday compared to 96.73 at close of Indian market on Monday.
Meanwhile, crude oil prices surged on the supply cut by OPEC and US sanction against Iran and Venezuela although US production concern and economic growth kept the market in check.
Brent crude oil futures surged by 0.83% at $62.02 a barrel on Tuesday.
Sensex provisionally ends 262 points lower with 23 components in the red.