Rupee opens lower at 71.30 a dollar on rising oil prices

At 09:10 AM, the rupee was trading at 71.37 a dollar, down 14 paise from its Friday’s close of 71.23.

In debt markets, the yields on the 10-year government bonds up 0.37 percent to 7.36 percent from its previous close of 7.33 percent.

The rupee opened lower against the greenback on Monday, pressured by firming oil prices.

At 09:10 AM, the rupee was trading at 71.37 a dollar, down 14 paise from its Friday’s close of 71.23. The home currency opened at 71.30 and touched a high and a low of 71.30 and 71.40 a dollar, respectively.

Globally, the dollar was slightly lower as US-China trade optimism led investors to shun safety and opt for riskier assets.

The dollar index, a gauge of its value versus six major peers, was marginally lower at 96.85.

In commodity markets, oil prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and US sanctions on Iran and Venezuela, reported Reuters.

International Brent crude futures hit a high of $66.78 per barrel before easing to $66.65 per barrel, up 0.6 percent from their last close.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore Friday, provisional data showed.

In debt markets, the yields on the 10-year government bonds up 0.37 percent to 7.36 percent from its previous close of 7.33 percent. Bond yields and prices move in opposite directions.

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