Indian rupee opens higher by 10 paise at 66.96 per dollar

The Indian rupee opened higher by 10 paise at 66.96 per dollar on Monday versus 67.06 Friday.

Rupee rose against the US dollar, on Friday, after India’s Q4 GDP number showed growth of 7.7% compared to growth of 7.2% in the previous quarter. On the other hand, government data showed India’s fiscal deficit in the year ended March 2018 came in at 3.53% of GDP in line with the revised estimates. Overall, the numbers were in line with estimates and rupee was supported on lower levels, said Motilal Oswal .

India’s FX reserves for the week ended May,25 fell by USD 2.23 billion and currently stands at USD 412.82 billion compared to USD 415.05billion in the previous week.

On the other hand, government data showed India’s fiscal deficit in the year ended March 2018 came in at 3.53% of GDP in line with the revised estimates.