The rupee opened higher against the US dollar on Tuesday, helped by foreign fund inflows into equities and lower global crude oil prices.
Stocks are set to open higher, extending a two-day rally, aided by overseas inflows. According to provisional data, foreign investors pumped in Rs 2,684 crore on a net basis in capital markets on Monday.
At 09:06 AM, the rupee was trading at 70.75 a dollar, up 19 paise from its Monday’s close of 70.94. The home currency opened at 70.80 and touched a high and a low of 70.72 and 70.80 a dollar, respectively.
In the currency market, the dollar gained as investors looked for signs of progress from Sino-U.S. trade negotiations.
The dollar edged higher against the Japanese yen to buy 107.58 yen and held its ground on the Australian and New Zealand dollars. Against a basket of currencies, the dollar edged higher to 98.621.
In the commodity markets, oil prices eased as investors grew concerned over the prospects of waning demand following weak manufacturing data from Europe and Japan.
International Brent crude futures fell 29 cents to $64.48 a barrel by 0154 GMT, while US West Texas Intermediate (WTI) futures were at $58.40, down 24 cents.
In debt markets, the yields on the 10-year government bonds were little changed at 6.75 percent. Bond yields and prices move in opposite directions.
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