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Rupee Opens Higher Pushed By Robust GDP And Steady Dollar


The rupee in Monday's trade opened higher at 70.8 after closing at a record new low of 70.99 a piece a dollar. However, the strength in rupee is back given the strong GDP data for the quarter ended June which is the strongest in a number of years at 8.2%.

Rupee Opens Higher Pushed By Robust GDP And Steady Dollar

Also, as the US-China trade tensions are seeing no signs of receding, dollar has gained further momentum, nonetheless as the US markets are closed today on account of Labour day, there shall be witnessed only little movement in the greenback.

The sentiment in the Indian rupee is unlikely to sustain as the rising crude oil prices which has soared by 10% in the fortnight's time will continue to exert pressure on the rupee.

Another, factor will be the unidirectional movement on the higher side of the dollar currency against the basket of other emerging currencies will only add to the woes of domestic unit.

If experts are to go by, rupee by the month of December is more likely to touch the low of 73 against the dollar.

Read more about: rupee dollar gdp
Story first published: Monday, September 3, 2018, 10:06 [IST]
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