The Indian rupee on Friday closed lower on concern over higher inflation and worsening government finance after a jump in global crude oil prices. Weakness in other emerging market currencies against the US dollar also kept the rupee under pressure.

Traders also exercised caution ahead of exit poll for the current Lok Sabha elections due on 19 May and final results on 23 May.

The rupee closed at 70.22 a dollar, down 0.27% from its previous close of 70.03. The Indian currency opened at 70.25 a dollar and touched a high and a low of 70.10 and 70.27, respectively.

The 10-year bond yield ended at 7.364% compared with Thursday's close of 7.377%.

Crude oil extended gains for the fourth consecutive session as a flare-up in tension in the Middle East took precedence over an escalating trade war between the US and China, the two largest economies.

The benchmark Sensex index rose 1.44% to 37930.77 points. Year to date, the index has risen 3.7%.

So far this year, the rupee has declined 0.5% against the US greenback. During the period, foreign investors bought $9.35 billion in

Indian equities and sold $396.40 million in debt market.

Other Asian currencies also traded lower as lingering U.S.-China trade issues weighed on sentiment and as the dollar index extended gains on improved U.S. economic data.

The Taiwan dollar was down 0.44%, China Renminbi fell 0.28%, Malaysian ringgit eased 0.22%, Thai Baht was 0.21% lower, the South Korean won was down 0.18%, Singapore dollar fell 0.12%, China Offshore 0.1%, Indonesian rupiah 0.1%, and the Philippines peso fell 0.07%. However, the Japanese yen was up 0.1%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.82, up 0.04% from its previous close of 97.855.

(Bloomberg contributed this story)