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Last Updated : Jun 03, 2019 09:39 AM IST | Source:

Rupee opens higher at 69.50 a dollar, gains 17 paise

The Indian rupee opened higher by 17 paise on falling crude oil prices.

Moneycontrol News @moneycontrolcom

The Indian rupee has opened at 69.50 a dollar on June 3, higher by 17 paise compared to Friday's close due to fall in US bond yields and correction in oil prices.

The rupee extended gains of almost 18-paise against US dollar to close at 69.67 on Friday as a slump in oil prices as well as a soft dollar provided tailwinds.

A dip in oil prices is likely to provide support at lower levels, ICICI Direct said, adding USDINR has crucial supports at 69.50 while near term resistance is at 70.40 levels.

The dollar declined on Friday tracking a slump in US yields that have

declined to almost 2 percent.

"Yields have slumped tracking a slowdown in inflation growth as well as rising expectations that the US may cut interest rates in 2019. US-China trade thaw is also weighing on growth expectations that would further necessitate easing monetary conditions," ICICI Direct said.

Meanwhile, the 10-year government bond yield opened lower at 6.98 percent on Monday, against previous close of 7.03 percent on May 31.

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First Published on Jun 3, 2019 09:14 am
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