Rupee opens 10 paise higher at 70.34 against US dollar

The rupee on Wednesday opened 10 paise higher at 70.34 against the US dollar. The domestic currency on Monday recovered 7 paise to close at 70.44 on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment.

"Strong recovery in the domestic equity markets and US Futures helped the rupee maintain strength throughout the session," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,011.85 crore on a net basis Tuesday, provisional exchange