Rupee Opens Higher At 71.79

The Indian rupee on Friday opened higher with gains of 18 paise at 71.79 as against Thursday's close of 71.97.

On the back of Moody's sovereign rating downgrade and other non-favourable factors such as low IIP factory data for September month and higher CPI number for October which even breached RBI's target of 4%, rupee has even breached 72 levels.

Oil prices recorded gains as there have been hopes that in the next meet OPEC will cap the supply. Also, dollar has been gaining even as there are only little hopes of a progress in the US-China trade deal.

In the bond market, as traders anticipated a further rate cut given in sight the high CPI level of inflation, bond yield declined. Yield on 10-year government bond was last trading at 6.52%.

Meanwhile, Sensex and Nifty opened higher as there has been provided that US-China trade deal has progressed further.

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