Rupee opens flat against US dollar

  • The rupee was trading at 69.73 a dollar, up 0.01% from its previous close of 69.74
  • The Indian currency opened at 69.76 a dollar

MUMBAI : The Indian rupee today opened little changed against US dollar as traders avoided taking long positions ahead of the final outcome of general election due on May 23.

At 9.03 am, the rupee traded at 69.73 a dollar, up 0.01% from its previous close of 69.74. The Indian currency opened at 69.76 a dollar.

On Sunday, exit polls predicted the Narendra Modi-led government returning to power for a second term by winning over 300 seats in Lok Sabha.

Traders remained cautious after crude oil rose for a second day on signs OPEC and its allies will extend production cuts beyond June. Traders were also worried due to a steadily deteriorating US-China trade relationship.

The benchmark Sensex index fell 0.1% to 39,312.90 points. Year to date, the index has risen 9.11%.

The 10-year bond yield was at 7.286% compared with Monday's close of 7.287%. Bond prices and yields move in opposite directions.

So far this year, the rupee has risen 0.03% against the US greenback. During the period, foreign investors bought $9.06 billion in Indian equities and sold $474.20 million in the debt market.

Asian currencies were trading mixed. Philippines peso was up 0.34%, China Offshore 0.19%, China renminbi 0.13%, South Korean won 0.1%, Singapore dollar 0.09%. However, Malaysian ringgit was down 0.18%, Japanese yen 0.14%, Indonesian rupiah 0.1%, Taiwan dollar 0.05%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.968, up 0.04% from its previous close of 97.933.