The Indian rupee opened 11 paise higher against the US dollar on Monday amid a softer greenback and a pullback in US treasury yields after mixed jobs data. The local currency opened at 82.73 as against the Friday’s close of 82.84.
The dollar index retreated 0.4% on Friday, while Asian currencies began the week on a higher note. The 10-year US yields dropped 12 basis points on Friday, while the 2-year US yield declined, Reuters reported.
On Friday, the rupee ended 12 paise lower at a more than two-month low level of 82.84 a dollar.
In the US, nonfarm payrolls in July increased lower than economists’ expectations, and job additions for the previous two months were revised lower.
Investors will now focus on US consumer inflation data and the RBI policy decision that are due on Thursday.
Meanwhile, crude oil prices traded flat after rising amid tightening supplies.
Brent crude futures eased 0.07% to $86.18 per barrel, while US West Texas Intermediate crude futures also fell 0.07% to $82.76.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading higher in the pre-opening session.
On Friday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹556.32 crore, while Domestic Institutional Investors (DIIs) net bought shares to the tune of ₹366.61 crore, as per provisional data available on the exchanges.
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Updated: 07 Aug 2023, 09:13 AM IST