Rupee opens 14 paise up on easing dollar index, oil prices

Dollar index, which tracks American currency's value against six major currencies eased to 106.670 in early trade, as against 106.710 in the previous trading session.

Indian rupee opened 14 paise up on February 17 due to easing Brent crude oil prices and dollar index.

The local currency opened at 86.6925 against the US dollar, as compared to 86.8325 at previous close against the greenback.

Dollar index, which tracks American currency's value against six major currencies eased to 106.670 in early trade, as against 106.710 in the previous trading session.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP said the dollar was on the backfoot as traders assessed recent weaker than expected US retail sales data.

"The traders expected Japan to tighten rate with another 35 bps rate hikes by December. Dollar was unable to recoup its losses after it fell on Friday based on weaker than expected retail sales data," Bhansali said.

Further, oil prices fell for a fourth day today due to expectations that peace deal between Russia and Ukraine could ease sanctions disrupting supply flows and on concerns that global tariff wars could slow economic growth and weaken energy demand.

Brent crude futures slid 20 cents, or 0.2%, to $74.59 a barrel by 0112 GMT. Brent has slumped 3.1% in the past four sessions after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.