MAY 11, 2018
Rupee has opened higher by 16 paise at 67.15 per dollar versus 67.31 yesterday.
The Indian rupee gained in the early trade on Friday. It has opened higher by 16 paise at 67.15 per dollar versus 67.31 yesterday.
Rupee rose against the US dollar after coming under pressure for the past few sessions, a move that came on back of reports that RBI could tap NRI bonds to offset crude rally shock. The central bank could consider issuing bonds worth USD 30-35billion which will help it maintain the import cover at a comfortable level, said Motilal Oswal.
FIIs continued to sell in the equity and debt segment and, yesterday, sold funds worth USD 217million.
On the domestic front, market participants will be keeping an eye on industrial production number; expectation is that the growth could be slower in March compared to the previous month. For the day, the USD-INR pair is expected to quote in the range of 67.10 and 67.60, it added.
Courtesy/Source: MoneyControl
