The rupee on Friday opened 23 paise higher at 70.83 against dollar following some selling in American currency by banks and exporters. The local currency on Thursday settled almost flat at 71.07 against the US dollar as the anxiety over US-China trade talks kept investors on edge. "Today, USDINR pair is expected to quote in the range of 70.70 and 71.30."

The Indian rupee has extended the losses and trading near day's low level at 71.06 per dollar, down 18 paise. It has touched an intra-day low of 71.09 per dollar. It opened lower by 8 paise at 70.96 per dollar versus Friday's close 70.88. The domestic equity market is trading volatile with Nifty below 11,150, while Sensex is down over 100 points.

The rupee and sovereign bond prices declined after the RBI on Friday cut key lending rates by 25 basis points. The currency was trading marginally down at 70.90 per dollar against the previous close of 70.89. At 12.35 pm, 10-year government bond yield was at 6.64 per cent, up 34 basis points. There is an inverse relationship between bond prices and yield.