Rupee vs US dollar: Indian rupee Wednesday opened flat at 71.025 against the US dollar from the previous close of 71.023 per US dollar, due to fall in crude oil prices and steady US currency. At 09:50 AM, the rupee was trading at 71.04 a dollar, up 2 paise from its Tuesday’s close of 71.02
After opening marginally higher, the domestic currency touched an intraday high of 70.91 per US dollar and an intraday low of 71.10 per dollar, according to data available with the Bloomberg website.
On Tuesday, the rupee declined by another 13 paise to close at one-month low of 71.05 against the US dollar amid strengthening the US currency and rising crude oil prices. In debt markets, the 10-year government bond yields fell 0.12% to 7.24% from its previous close of 7.25%. Bond yields and prices move in opposite directions.
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Meanwhile, the domestic stock markets –Sensex and Nifty–opened marginally higher tracking domestic and global cues. The Sensex is up about 46 points to 36,393.94, while the Nifty is trading above the 10,900-mark.
Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May’s deal to pull out Britain from the European Union, Reuters reported.
Crude oil prices
Crude oil prices fell on Wednesday after gaining over 3% in the previous session, pressured by concerns over the outlook for the global economy. While US West Texas Intermediate (WTI) crude futures were at $51.82 per barrel at 0024 GMT, down 29 cents, or 0.5%, from their last settlement. International Brent crude oil futures had yet to trade, it added.