Rupee opens 7 paise up at 70.98 against dollar

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New Delhi: The rupee on Tuesday opened 7 paise higher at 70.98 against the US dollar amid softening crude oil prices and weakening of the greenback against other currencies overseas.

At the interbank foreign exchange, the rupee opened at 70.98m, then gathered momentum and touched 70.94 against the US dollar, registering a rise of 10 paise over its previous close.

On the domestic front, market participants will be keeping an eye on inflation and industrial production number. A weaker-than-expected number could keep the rupee weighed down.

The local currency settled 16 paise higher at 71.05 against the US dollar on Monday.

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