Rupee opens 4 paise higher at 82.00 against the US dollar
The Indian rupee opened 4 paise higher against the US dollar on Monday amid upbeat risk appetite and FII inflows into domestic equities. The local unit opened at 82 a dollar as compared to the previous close of 82.04.
The dollar index was little changed at 102.96.
Data out on Friday indicated that underlying price pressures in the United States remained sticky. Excluding the volatile food and energy components, the PCE price index climbed 0.3%, matching expectations, Reuters reported.
On Friday, the rupee ended marginally higher at 82.04 against the US dollar.
“USDINR is coming off an uncharacteristically quiet week. This is bound to change. We will keep pinning for 82.1 for 81.9 as the near term range for the time being, with 82.6-81.5 as the breakout objectives on either sides,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Crude oil prices slipped as global macroeconomic headwinds and possible further interest rate hikes from the US Federal Reserves offset forecasts of tighter supplies amid OPEC cuts.
Brent crude futures eased 0.04% to $75.38 a barrel, while US West Texas Intermediate crude was down 0.07% at $70.59 a barrel.
On the domestic front, the Indian equity indices, Sensex and Nifty were trading higher at their record high levels led by sustained foreign capital, improved domestic macroeconomic scenario and positive global cues.
On Friday, Foreign Institutional Investors (FIIs) net bought Indian shares worth ₹6,397.13 crore, while Domestic Institutional Investors (DIIs) net purchased Indian equities worth ₹1,197.64 crore.
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Updated: 03 Jul 2023, 09:34 AM IST
