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Rupee Opens Lower At 71.51
In trade today, Indian rupee opened lower at 71.51 per US dollar versus the previous close of 71.43.
On Monday, rupee depreciated further by 29 paise to close at an over 6-month high guided by worries related to economic downturn and continuing foreign fund outflow. As per provisional exchange data, FIIs pulled out Rs. 305.74 crore on Monday.
Also, gains in the US dollar against other currencies and an increase in crude oil prices continue to weigh on the Indian currency.
Traders in the forex market are waiting for the government to intervene and facilitate revival of the slowing economy. It is anticipated that the government would sometime soon come up with sector-specific stimulus measures.
The yields on the 10-year government bonds were up 0.21% to 6.60 % from its last close of 6.59%. Bond yields and bond prices move in opposite directions.
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