Rupee opens 4 paise down at 84.2848 against the US dollar

Easing crude oil prices has helped local currency

Indian rupee opened 4 paise down on May 6 at 84.2848 against the US dollar as compared to 84.2475 against the greenback at previous close.

Currency experts said this is because slight uptick in the dollar index.

The local currency remains resilient in the last few days due to positive signals surrounding a potential US-India trade deal.

Also, easing crude oil prices has helped local currency. Oil slumped in early trading after OPEC+ agreed to a further surge in output over the weekend, bolstering global supplies.

Amit Pabari, managing director at CR Forex Advisors said for an oil-importing nation like India, this development is a welcome relief and reduces external pressure on the rupee.