Homemarket Newscurrency News

    Rupee opens higher at 71.32/$ on sluggish dollar; Fed policy in focus

    Rupee opens higher at 71.32/$ on sluggish dollar; Fed policy in focus

    Rupee opens higher at 71.32/$ on sluggish dollar; Fed policy in focus
    Profile image

    By Aastha Agnihotri   IST (Published)

    Mini

    Indian rupee opened higher by more than 20 paise against the greenback on Tuesday, as dollar remained under pressure ahead of a crucial Federal Reserve meeting starting later in the day.

    Indian rupee opened higher by more than 20 paise against the greenback on Tuesday, as dollar remained under pressure ahead of a crucial Federal Reserve meeting starting later in the day.
    At 09:10 AM, the rupee was trading at 71.25 a dollar, up 31 paise from its Monday’s close of 71.56. The home currency opened at 71.32 and touched a high and a low of 71.25 and 71.36 a dollar, respectively.
    On Monday, the Indian rupee recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country’s narrowing trade deficit in November as also smart gains in domestic equities.
    The local currency was firm today as the US dollar took a step back ahead of the Fed meet.
    Market participants are now turning their attention away from immediate global trade issues to the Federal Reserve’s Dec. 18-19 meeting.
    The Fed is widely expected to raise interest rates by 25 basis points, its fourth rate hike this year though greater focus will center on the policy outlook for 2019, over which there is more uncertainty, reported Reuters.
    Meanwhile, oil prices edged down amid concerns oversupply. International Brent crude oil futures were at $58.95 per barrel at 0141 GMT, down 66 cents, or 1.11 percent, from their last close.
    In debt markets, the yields on the 10-year government bonds fell 0.42 percent to 7.43 percent after closing at 7.46 percent on Monday. Bond yields and prices move in opposite directions.
     
    Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know. 
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng