Rupee opens higher at 69.75 per dollar against the previous close of 70.01

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Published: May 24, 2019 9:46:55 AM

The Indian rupee opened higher at 69.75 per dollar on Friday morning against the previous close of 70.01 amid sinking crude oil prices and BJP’s thumping victory in the Lok Sabha elections.

In the local markets, the rupee closed at Rs 69.74 against the dollar, an appreciation of 48 paisa or 0.69%.Rupee opens higher at 69.75 per dollar on Friday after the thumping victory of BJP in Lok Sabha polls 2019

The Indian rupee opened higher at 69.75 per dollar on Friday morning against the previous close of 70.01 amid sinking crude oil prices and BJP’s thumping victory in the Lok Sabha elections. Yesterday, the Indian currency opened slightly stronger at 69.45 per dollar on Thursday against the last close of 69.66 per dollar. The market experts expect the rupee to remain higher for a couple of weeks after BJP’s sweeping success in the elections as the continuity in the administration would bring stability in reform policies and create job opportunities. Easing of crude oil prices and the foreign investment flows will also have an impact on the Indian currency.

The USD-INR is likely to trade in the range of 69.14-70.53 on Friday. The rupee dropped yesterday, as the dollar hit its highest level in a month as economic and political uncertainties swept through Europe and Asia, according to Kedia Advisory.

“The spot INR could trade sideways today between the range of 69.60-70.05 with an upward bias,” Amit Sajeja, Associate Vice President with Motilal Oswal told Financial Express Online.

The crude oil prices plunged nearly 6 per cent on Thursday, extending falls from the previous session amid rising trade tensions between economic giants–  the US and China. The international benchmark for oil Brent fell to its two month low this week. While the Brent crude was last seen at $68.49 per barrel, 73 cents higher than the previous close, the US WTI was up 58 cents at $58.49 from the last close.

On Thursday, while the Foreign institutional investors or FIIs bought shares worth Rs 1,352 crore on a net basis, the domestic institutional investors (DIIs) sold shares worth Rs 594 crore, according to NSE data.

Today, the Indian headline indices- Sensex and Nifty opened higher. While the Sensex is trading at 160.49 points higher at 38,971.88 level, Nifty is trading at a level of 11,691.45, up 34.40 points from the previous close.

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