Rupee opens 3 paise lower at 82.78 against the US dollar
The Indian rupee opened 3 paise lower against the US dollar on Tuesday weighed down by surging crude oil prices. The local currency opened at 82.78 a dollar as compared to its previous close of 82.75.
The dollar steadied, while Treasuries were slightly lower across tenors as cash trading resumed. Australian bonds also fell ahead of the central bank’s meeting, with yield on the three-year rising two basis points and that on the 10-year up three basis points, Reuters reported.
On Monday, the rupee ended 3 paise lower at 82.75 a dollar.
A surge in crude oil prices weighed on the rupee.
Meanwhile, crude oil price traded near the highest level since mid-November as supply cuts from OPEC tightened the market.
Brent crude futures traded at $88.93 a barrel. There was no settlement for the US crude benchmark on Monday due to a holiday.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading higher in the pre-opening session.
On Monday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹3,367.67 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹2,563.48 crore, as per provisional data available on the exchanges.
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Updated: 05 Sep 2023, 09:08 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.