Rupee opens higher against dollar

Indian rupee strengthened against US dollar after four straight session losses amid continued foreign investment in the local equities market.

The Indian rupee strengthened marginally against the dollar on July 10 after four straight session of losses amid continued foreign investment in the local equities market.

At 9.15 am, the domestic currency was trading at 82.64 against the dollar, up 0.12 percent from the previous close of 82.74.

On July 7, the rupee closed at a six-week low, tracking losses in Asian currencies as the market adjusted its expectations for potential rate hikes by the Federal Reserve following robust employment data from the US.

Traders are now waiting for key data from the US including CPI on July 12, PPI and weekly jobless claims the next day.

Asian currencies were trading lower. The Indonesian rupiah fell 0.45 percent, Japanese yen 0.39 percent, Taiwanese dollar 0.19 percent, Singapore dollar 0.16 percent, China Offshore 0.13 percent and the South Korean won was down 0.05 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 102.45, up 0.17 percent from its previous close of 102.27.

(with agency inputs)