Indian rupee opened 12 paise up on May 5 at 84.4450 against the US dollar, as compared to 84.5612 against the greenback at previous close.
The local currency witnessed heightened volatility last week. This was driven by shifting market positions, steady capital inflows, and evolving RBI actions in the FX space.
Last week, Indian rupee witnessed a appreciation of 2.5 percent on positive talks between US and India over tariffs.
Tensions over the tariffs started easing after US President Donald Trump said that talks with India were "going great" and suggested that there was a possibility that the two nations would soon reach a deal.
Amit Pabari, managing director at CR Forex Advisors said the USD/INR pair is expected to remain volatile. While capital inflows offer support, global uncertainties could cap gains. "The pair may find support around 84.00, with resistance near 84.80 levels."
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
