Rupee opens 10 paise higher at 83.09 against the US dollar
rupee depreciated 16 paise to end at 83.19 a dollar. Concerns over elevated crude oil prices, strong greenback and a widening trade deficit limited the upside for rupee.
India’s merchandise trade deficit rose to a 10-month high of $24.16 billion in August, higher than the expected $21 billion, as exports continued to slow due to weak demand in the West and China. Meanwhile, investors will focus this week on central bank decisions, beginning with the US Federal Reserve on Wednesday, followed by the Bank of England and Bank of Japan.
Crude oil prices traded higher, after hitting a 10 month peak last Friday. Brent crude futures rose 0.33% to $94.24 per barrel and US West Texas Intermediate crude futures gained 0.50% to $91.22.
On the domestic front, the Indian stock market indices, Sensex and Nifty were trading lower in the pre-opening session. On Friday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹164.42 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹1,938.57 crore, as per provisional data available on the exchanges.
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