The Indian rupee
opened higher on Friday after a decline in crude oil prices in the international market. The home currency opened up by 34 paise at 70.56 against the greenback.
The yields on the 10-year government bonds fell 0.34% to 7.40%.
The local currency ended lower by 44 paise at 70.90 against the US dollar amid a strengthening greenback and sharp decline in equity markets yesterday.
RBI's reference rate for the dollar stood at Rs70.01, while for the euro, it was at Rs80.54. Further, its reference rate for the yen stood at Rs62.99, while that for the British pound sterling, it was at Rs90.29.
On the international front, crude oil prices are currently in the red on the back of the Organization of the Petroleum Exporting Countries’ (OPEC) failure to reach a consensus on an oil production deal. OPEC talks ended in Vienna yesterday with the group failing to reach an agreement on cutting oil production, with the size of Russia’s contribution to the cut remaining uncertain.
Meanwhile, the talks will continue with non-OPEC allies on Friday, an outcome of which may drive crude oil prices in coming days.