Currency

Indian rupee opens marginally higher at 72.07 against the US dollar

Updated : November 14, 2019 10:09 AM IST

Indian rupee opens marginally higher by 2 paise at 72.07 per dollar

Indian rupee opened marginally higher by 2 paise at 72.07 per dollar versus Wednesday’s close of 72.09 recovering from two-month low hit yesterday on poor macro data and lingering worries over US-China trade war.

Asian stocks traded mixed Thursday morning after Chinese industrial production for October grew 4.7% on year, missing analysts’ expectations.

Further, U.S. Federal Reserve Chairman Jerome Powell said that the path of the central bank’s interest rates is unlikely to change as long as the economy keeps growing.

Oil prices rose on Thursday after industry data showed a surprise drop in U.S. crude inventories while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support for oil.

However, prices were capped by mixed signs for oil demand in China, the world's biggest crude importer, as industrial output increased in October at a less-than-expected rate but oil refinery throughput last month rose 9.2% from a year earlier to the second-highest ever.

Brent futures rose 16 cents, or 0.3%, to $62.53 per barrel by 0250 GMT while U.S. West Texas Intermediate crude gained 22 cents, or 0.4%, to reach $57.34.

Locally, India's retail inflation surged to 4.62 percent in October, breaching Reserve Bank of India's medium-term target of 4 percent, latest price data released by the Central Statistics Office (CSO) on November 13 showed.

Indian rupee opens marginally higher at 72.07 against the US dollar

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