Indian Rupee Opened Slightly Higher After Upbeat US Stocks, Crude Oil, NDF Eyed

Indian Rupee Opened Slightly Higher After Upbeat US Stocks, Crude Oil, NDF Eyed

16 May 2019 09:15 AM
 
USD/INR – The Indian rupee opened higher against the dollar after U.S. equities extended their gains, helping mitigate the impact from rising crude oil prices and a wider-than-expected trade deficit at home. The rupee opened at 70.27 versus the dollar compared with its previous close of 70.34. The primary reason for the rupee to open higher despite rising oil and the negative trade data is offshore dollar-selling interest, which has kept a lid on NDF’s (non-deliverable forward. Meanwhile, data released late yesterday showed that India’s trade gap widened to $15.3 billion in April from $10.9 billion in the previous month. The trade gap was wider than $13.7 billion in the same month last year and also exceeded the $13.5 billion

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