Rupee Opens Lower At 72.89 Against US Dollar

Rupee continues to face headwinds and in Tuesday's trade has again opened lower at 72.89 vs 72.63, yesterday's closing.

Meanwhile crude oil prices that have scaled to $80 per dollar mark has been impacting fuel prices in India that are making new records on a every day basis.

In the pre-opening session, Nifty has opened higher and stocks such as Yes Bank whose board is likely to meet today to discuss company's course of action after RBI limited Rana Kapoor's tenure opened higher for no certain reason.

The Indian markets are likely to open higher after yesterday's crude oil surge and rupee's volatility spooked investors with 5th continuous losing streak.

The curbs to be put on non-essential imports and also other attempts wherein the Oil exploration companies are considering to look at inventories amid falling rupee is expected to provide some relief to rupee which has lost over 10% in the calenday year 2018.

Nonetheless, Moody's report as a big negative for the Indian economy which said that the 5-pronged strategy worked out by the govt will not do much to rein in the fall in the rupee.

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