The Indian rupee extended gains for the sixth consecutive session and opened higher in Thursday’s trade. The local currency opened higher at 71.42 against the US Dollar, up by 23 paise.
Investors will keenly watch the data on factory output (IIP) for July and retail inflation (CPI inflation) for August due later today.
The rupee on Wednesday settled at 71.66/$, higher by 5 paise.
In the commodity market, oil prices rose today after rebounding from big losses in the previous session, supported by developments on the trade war front as well as a fall in US crude inventories to the lowest in almost a year. The uptick followed China's exemption of tariffs on some US anti-cancer drugs and other goods and US President Trump's announcement that the US would delay hikes on billions of dollars' worth of Chinese goods.
Further, foreign portfolio investors (FPIs) bought shares worth a net Rs266.89cr on Wednesday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net of Rs1,132.42cr.
Back home, equity benchmark indices opened higher, with the Sensex and Nifty rising 0.3%.