Rupee opens flat against US dollar at Rs 83.20 tracking weak Asian currencies

The Indian rupee on October 26 opened flat against the US dollar even as Asian currencies and local equities markets weakened. At 9.10am, the home currency was trading at 83.20 a dollar, up 0.01 percent from its previous close of 83.19.

Brent oil headed higher to $90 per barrel on news of the US tightening sanctions on Iran's crude oil export over Iran's backing of Hamas. The US 10 year rose to 4.96% as the dollar index reached 106.74 with most European currencies down.

Analysts said Indian stock markets are bearish due to falling oil prices, rising US bond yields, diplomatic efforts in the Middle East, and foreign investors selling. Inflation and recession concerns persist.

Asian currencies were trading weaker. South Korean won fell 0.62 percent, Thai Baht lost 0.42 percent, Indonesian rupiah 0.4 percent, Taiwan dollar 0.26 percent, Singapore dollar and Philippines peso declined 0.18 percent each, Malaysian ringgit fell 0.15 percent, and China renminbi declined 0.14 percent.