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Rupee opens 4 paise higher at 82.59 against the US dollar

The Indian rupee opened 4 paise higher on Tuesday amid a pullback in the greenback and US Treasury yields ahead of a slew of key economic data. The local currency opened at 82.59 a dollar as compared to previous close of 82.63.

The dollar index, which measures US currency against six key rivals, eased 0.077% to 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer, Reuters reported.

The yield on the US 10-year bond yields dipped four basis points on Monday and fell further in Asia to 4.18%. The two-year yields dropped below 5%.

The yen rose 0.12% to 146.36 per dollar. The euro gained 0.11% to $1.0829, while Sterling was up 0.10% at $1.2616. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591, as per Reuters report.

On Monday, the rupee ended 2 paise higher at 82.63 a dollar.

Investors will focus on the US consumer confidence and job openings report due later in the day.

Meanwhile, crude oil prices eased, supporting the rupee. Brent crude futures fell 0.04% to $84.39 a barrel, while US West Texas Intermediate crude (WTI) declined 0.09% to $80.03.

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 1,393.25 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of 1,264.01 crore, as per provisional data available on the exchanges.

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(With inputs from Reuters)

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Updated: 29 Aug 2023, 09:04 AM IST