The rupee opened lower against the greenback on Tuesday, as traders turned cautious in a holiday-truncated week.
The rupee opened little changed against the greenback on Tuesday, but lost ground soon after as traders turned cautious in a holiday-truncated week.
At 09:10 AM, the rupee was trading at 69.52 a dollar, down 10 paise from its Monday’s close of 69.42. The home currency opened at 69.43 and touched a high and a low of 69.43 and 69.54 a dollar, respectively.
Forex and equity markets will remain shut on Wednesday on account of “Mahavir Jayanti” while most of the major financial markets are closed on Friday for the start of the Easter holidays.
According to forex experts, the bias for the rupee remains bullish following foreign fund flows. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 713 crore Monday, according to the provisional data.
Globally, the dollar was unchanged at 112.00 yen, holding above its 200-day moving average for the fourth straight session.
Major currencies were little moved on Tuesday as investors awaited European and Chinese data for more evidence that the worst may be over for the global economy.
The data in focus includes Germany’s ZEW economic index for April, due around 0900 GMT, and China’s gross domestic product set for Wednesday.
In commodity markets, oil prices edged down after a Russian minister said the nation and OPEC may boost crude output to fight for market share.
International Brent crude oil futures were at $71.08 a barrel at 0111 GMT, down 10 cents, or 0.1 percent, from their last close. Brent ended down 0.5 percent on Monday.
In debt markets, the yields on the 10-year government bonds were down 0.05 percent to 7.39 percent from its previous close of 7.39 percent. Bond yields and prices move in opposite directions.