Indian rupee opened little changed against the US dollar on Monday after the home currency ended higher by up to 30 paise in the previous session.
At 09:15 AM, the rupee was trading at 73.36 a dollar, down 4 paise from its Friday’s close of 73.32. The home currency opened at 73.30 and touched a high and a low of 73.31 and 73.44 a dollar, respectively.
The rupee recovered early losses and settled 29 paise higher at 73.32 against the US dollar Friday, amid a weakening greenback. Traders said the selling of the US currency by exporters and foreign fund inflows were the other factors that provided support to the home unit.
Weak US dollar helped rupee maintain gains on Monday. The dollar was a shade softer on the yen at 112.41 yen and little changed against a basket of currencies at 95.683.
Foreign fund inflows also supported the domestic currency. On a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.
The rupee is the worst performing emerging market currency having lost almost 15 percent since January this year. Between April and September the rupee has plummeted more than 7 to the dollar.
In debt markets, the yields on the 10-year government bonds rose 0.16 percent to 7.92 percent after closing at 7.91 percent on Friday. Bond yields and prices move in opposite directions.
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