Rupee Trades Higher At 72.09

Domestic currency in Monday's trade opens higher at 72.09 per US dollar.

Rupee on Friday ended the session at 72.17 tracking immense weakness in equities world over due to coronavirus scare.

Rupee Trades Higher At 72.09

Also, the foreign institutional investors were sellers in Indian equities and continued to be net sellers with shares sold worth $934 million in the last week. Also, for the first time since April they unloaded massively in Indian bonds.

On Monday, even crude surged back on hopes of measures by central banks by world over and higher prodution cut by the OPEC would keep at bay recession that is seen to grip developed economies including the US and Europe.Brent crude was at $50.32 a barrel, after earlier divign to $48.40, the lowest since July 2017.

U.S. West Texas Intermediate crude hit a 14-month low of $43.32 a barrel, before recovering to $45.23, up 47 cents, or 1.1%.

Nonetheless, further slide in rupee remains supported from weakness in oil which dragged below $50 per barrel mark.

Meanwhile, SGX Nifty indicates a positive opening for the indices.

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