Rupee opens 4 paise lower at 82.75 against the US dollar
rupee ended 11 paise higher at 82.71 a dollar after the Reserve Bank of India (RBI) left its key interest rates unchanged. “Rupee is likely to appreciate today amid expectation of a correction in the dollar and softening crude oil prices.
Dollar is likely to retreat as moderating price pressure along with easing labor market in the US may bolster the hopes that Fed may hit a pause button from next meeting. Meanwhile, traders will remain cautious ahead of PPI and consumer sentiment data from the US," ICICI Direct said in a note.
It expects USDINR to face hurdle near 82.85 and slip back till 82.50 level. Meanwhile, crude oil prices were trading flat.
Brent crude futures rose 0.02% to $86.42 per barrel, while US West Texas Intermediate crude futures gained 0.04% to $82.85. On the domestic front, the Indian benchmark equity indices opened lower on Friday amid mixed global cues.
On Thursday, foreign institutional investors (FII) net bought Indian shares worth ₹331.22 crore, while domestic institutional investors (DII) net purchased stocks worth ₹703.72 crore, provisional data from the exchanges showed. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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