ExpertCrudeOil.com - Rupee Opens 5 Paise Higher at 71.29 Against US Dollar as Oil Costs Slip

ExpertCrudeOil.com - Rupee Opens 5 Paise Higher at 71.29 Against US Dollar as Oil Costs Slip

Rupee on Wednesday opened 5 paise higher at 71.29 against the US dollar in the midst of drop in crude oil costs. The domestic unit weakened by 11 paise to finish at 71.34 against the greenback on Monday, in the midst of firming crude oil costs and persistent foreign fund outflows.

Rupee on Monday came under weight against the US dollar after trade deficit  for January widened compared to the earlier month. In January, stock fares rose 3.7 percent from a year sooner to $26.36 billion, while imports were up 0.01 percent to $41.09 billion. "Today, USD/INR pair is expected to quote in the range of 71.20 and 71.70," said Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services.

In the equity market, foreign investors (FIIs) pulled out an aggregate of Rs 813.76 crore from the market on Tuesday while  domestic investors (DIIs) infused a sum of Rs 1,163.85 crore, NSE information appeared.

On the worldwide front, Asian stocks were slightly up Wednesday after US-China exchange talks resumed while investors awaited minutes from the US Federal Reserve for signs on policymakers' reasoning on interest rates & its balance sheet reduction policy.

In the commodity market, oil costs slipped from 2019 highs as taking off US production undermined efforts led by maker club OPEC to cut supply to fix worldwide markets, Reuters announced.

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