The Indian rupee opened higher against the US dollar on Friday, as investors expect a more aggressive policy easing by the Federal Reserve. The rupee is currently trading at 68.82/$, up 13 paise in the morning trade.
The local unit opened at 69.77 a dollar, touching a high of 69.74/$ and a low of 69.79/$. The 10-year bond yield was at 6.383% vs. its Thursday’s close of 6.387%.
The dollar index, which measures the US currency’s strength against major currencies, was trading down at 96.783 vs. its previous close of 96.794.
Further, the rupee along with most Asian currencies was trading in the positive territory following dovish comments from both New York Fed President John Williams and Vice Chair Richard Clarida.
The rupee on Thursday had settled at 68.97 against the US dollar.
Meanwhile, oil prices rose more than 1% after the US Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East.