Rupee opens 25 paise higher against the US dollar

Mumbai: The Indian rupee opened 25 paise higher against the US dollar on Monday amid weakness in the greenback after Democrat Joe Biden won the US Presidential elections.

The Indian rupee opened at 73.95 against the US dollar compared to the previous close of 74.20.

In Asian trade, the US dollar hit a 10-week low as investors heralded Joe Biden's election as US President by buying trade-exposed currencies on expectations that a calmer White House could boost world commerce and that monetary policy will remain easy, Reuters reported.


Motilal Oswal analysts said on the domestic front, the focus will now be on the inflation and industrial production number that will be released later during the week and price rise could keep the rupee gains in check.

“We expect the rupee to trade higher in today’s session and quote in the range of 73.80 and 74.40,” they said in a note.

On Friday, Euro rose sharply primarily as the dollar weakened against its major crosses after major networks declared Democrat Joe Biden winner of the US presidential election.