Rupee Opens Flat As Dollar Index, Brent Crude Edge Lower
The Indian unit opened flat at Rs 83.96 against the dollar after closing at Rs 83.97 on Friday.
(Source: Envato)
The rupee opened steady on Monday tracking a slight fall in the dollar index and Brent crude oil prices.
The Indian unit opened flat at Rs 83.96 against the dollar after closing at Rs 83.97 on Friday.
Brent prices were down 0.41% at $77.73 per barrel after a stellar week, sparked by tensions in the Middle East. The dollar index was down 0.03% at 102.4910.
"Indian rupee was expected to open at 83.97 after a close below 84 on Friday in NDF with a possible intervention from RBI keeping it above 84," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
The forex reserves crossing $700 billion brings India to the fourth number in terms of total reserves after Japan, China and Switzerland, he added. "This also indicates the amount of dollar buying done by RBI apart from increase in valuations of reserves and gold," said Bhansali.
He expects rupee to trade at a range of Rs 83.90 to 83.05.
