Rupee opens 9 paise up at 70.95 against dollar

The local currency inched lower by 3 paise to close at 71.04 against the greenback on Wednesday.

New Delhi: The rupee on Thursday opened 9 paise higher at 70.95 against the US dollar due to some selling in American currency by banks and exporters amid easing crude oil prices.

Rupee consolidated in a narrow range in the last few sessions following lack of triggers on the domestic front. Market participants will now be keeping an eye on the RBI policy meeting that any dovish stance by the RBI governor could keep the rupee weighed down against the US dollar.

The local currency inched lower by 3 paise to close at 71.04 against the greenback on Wednesday.


“Today, the USDINR(Oct) is expected to quote in the range of 71.10 and 71.50,” said Motilal Oswal Financial Services.

Pound came under pressure after British Prime Minister Boris Johnson said he would not seek an extension to Brexit even if the conditions of a recently passed bill were met, forcing him to do so.

Opposition parties recently forced through a new law requiring the government to ask for a delay to Brexit beyond the deadline of October 31 if it fails to secure a deal by October 19, or the support of parliament to leave without one.
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Today, from the US, market participants will be keeping an eye on the US final GDP number to gauge a view for the greenback.
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