Rupee trades flat at 83.30 against US dollar amid rebound in crude oil prices
The rupee traded flat at 83.30 against the US currency in the opening session on Friday amid a rebound in crude oil prices.
While foreign fund inflows and a weak greenback in the overseas markets strengthened the local unit, a recovery in crude oil prices weighed on the sentiment, forex dealers said.
At the interbank foreign exchange market, the rupee opened flat at 83.30 against the dollar. It moved in a tight range of 83.32 and 83.29 in morning deals.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, eased by 0.02 per cent to 101.94.
The 10-year US Treasury yields fell below the 4 per cent level on Thursday following signals by the US Federal Reserve to cut rates next year. The yield had surged to 5 per cent in October, its highest level since 2007.
Brent crude futures, the global oil benchmark, rose 0.52 per cent to USD 77.01 per barrel.
Domestic equity markets also gained in the early trade with the key indices touching record intra-day high levels. The 30-share BSE Sensex jumped 215.60 points or 0.31 per cent to 70,729.80. The 50-issue Nifty climbed 79.55 points or 0.36 per cent to 21,259.25.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 3,570.07 crore, according to exchange data.