Rupee opens 11 paise down at 73.65 against dollar

NEW DELHI: The rupee on Friday opened 11 paise down at 73.65 against the greenback following strengthening dollar index.

Forex analysts said that the local currency opened lower following reports that the Finance Ministry was working on another stimulus package to support the economy. More spending is likely to impact the overall fiscal picture and could dampen the overall sentiment of the market.

On the domestic front, market participants will be awaiting for more clarity on the same and that could provide a trigger to the currency.


For the day, brokerage Motilal Oswal Financial Services expects momentum for the rupee to remain low and trade with a negative bias in the range of 73.20 and 73.80.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.11 per cent to 93.05.

Today, market participants will be keeping an eye on preliminary manufacturing and services PMI number and better-than-expected economic data could restrict losses for the greenback.