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Rupee opens 6 paise lower at 85.15/$ even as dollar, oil prices slip
The Indian Rupee opened slightly lower on Tuesday, after briefly rising above the 85 mark in the previous session, despite softer oil prices and a weaker dollar index.
The domestic currency began 6 paise weaker at 85.15 against the US dollar, after ending at 85.09 on Monday, according to Bloomberg. During the previous session, the currency rose past the 85 per cent and went as high as 84.82 against the greenback.
The domestic unit, which briefly strengthened beyond the 85 mark yesterday, was sold off at 84.7750 and ended near 85.0850 in a volatile session, despite lower volumes due to the US holiday, according to analysts.
Today, the rupee opens at 85.07 and is expected to be in a range of 84.75 to 85.50, with an expectation of a Zomato outflow of $900 million due to the MSCI rebalancing, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
The Dollar Index continues to trade below the 99.00 level is acting as a tailwind for the rupee, Amit Pabari, managing director at CR Forex Advisors. "Add to that, subdued Brent crude prices are helping keep India's trade deficit under control." Moreover, the upcoming slew of initial public offerings is set to boost the FII inflows, further supporting the rupee.
The US President Donald Trump, on Monday, extended the deadline for 50 per cent European Union tariffs until July 9. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.4 per cent at 98.89.
However, speculation of a Reserve Bank of India (RBI) rate cut in the upcoming MPC meeting is also weighing on the short-term rupee, Pabari said. "The rupee is likely to face strong resistance near 85.50 levels and every uptick is a selling opportunity, while the immediate support would be 84.80-84.90."
Crude oil prices were trading lower as the market weighed on the extension of the European Union tariff deadline. Brent crude price was down 0.31 per cent to $64.54 per barrel, while WTI crude prices were 0.42 per cent lower at 61.27, as of 9:15 AM IST.
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