Indian rupee opens 3 paise lower at 87.3662 against US dollar

The Indian rupee opened 3 paise lower at 87.3662 on March 11

The Indian rupee opened 3 paise down on March 11 at 87.3662 against the US dollar, as compared to 87.3325 against the greenback at the previous close.

The dollar index, which measures American currency's value against six major global peers, fell to 103.783 in the early trade. It was trading at 103.900 levels in the previous trading sessions.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP said the dollar weakened against ¥ and Swiss Franc amid tariff worries and a probable US slowdown. Markets have been fixated on trade tensions after the US President slapped tariffs on top trading partners.

The local currency, on March 10, erased all gains and depreciated around 18 paise due to increased demand from oil companies.

"This follows after an agreement reached during Prime Minister Modi’s meeting with President Trump in February. The U.S. exported approximately 357,000 barrels per day of crude oil to India in February, compared to 221,000 barrels per day last year," said Amit Pabari, managing director at CR Forex Advisors.