Rupee Vs. USD: Indian Rupee Opens 7 Paise Higher Against The USD

8 Sep 2023 , 10:49 AM

The Indian rupee started higher against the US dollar on Friday, opening at 83.14, up by 7 paise compared to the previous day’s close of 83.21. This rise was attributed to a weaker US dollar and a pullback in US treasury yields.

The 10-year US yield also saw a decline of about eight basis points from its recent high of nearly 4.30%. In the previous trading session, the Indian rupee had depreciated by 9 paise, closing at a record low of 83.21 against the US dollar.

Among other Asian currencies, the offshore Chinese yuan also experienced a drop, nearing 7.36 to the dollar. US initial claims data declined to 216,000, the lowest level since February, and marked the fourth consecutive weekly decrease.

On the domestic front, Indian stock market indices, Sensex and Nifty, showed a flat-to-slightly higher trend in the pre-opening session. In terms of foreign investments, Foreign Institutional Investors (FIIs) were net sellers of Indian shares worth Rs 758.55 crore on Thursday. In comparison, Domestic Institutional Investors (DIIs) net purchased shares totaling Rs 28.11 crore based on provisional data from the exchanges.

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