Rupee opens 6 paise up at 71.38 against dollar

The rupee on Tuesday opened 6 paise higher at 71.38 against the US dollar following some selling in American currency by banks and exporters.

The local currency dipped 10 paise on Monday with other Asian currencies as an outbreak of Corona virus took a toll on the economy. Safe haven buying was witnessed in Japanese Yen, as well as US treasuries, following an outbreak of coronavirus outbreak in China.

“Today, USDINR pair is expected to quote in the range of 71.20 and 71.80,” brokerage Motilal Oswal Financial Services said.


Pound remained steady against the US dollar ahead of the important Bank of England policy statement that will be released later this week. The expectation is that the central bank could hold rates unchanged as Governor Mark Carney chairs his last policy meeting and Britain finally leaves the European Union.

Today, market participants will be keeping an eye on durable goods data from the US and better-than-expected number could keep the greenback supported at lower levels.