Rupee opens 8 paise up at 86.55 against the US dollar

Amit Pabari, managing director at CR Forex Advisors said the dollar's weakness created a favourable environment for the Indian rupee in the previous trading day.

Indian rupee opened open 8 paise up on February 21 against the US dollar.

The local currency opened at 86.55 against the US dollar, as compared to 86.67 at previous close against the greenback.

Amit Pabari, managing director at CR Forex Advisors said the dollar's weakness created a favourable environment for the Indian rupee in the previous trading day.

Furthermore, India’s robust real yield of 2.39% attracted capital, supported by the Reserve Bank of India’s proactive interventions and upcoming inflows, further bolstered the rupee, Pabari added.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP said the dollar index fell to a low of 106.44 as Euro rose to 1.05001while GBP rose to 1.2670 and yen was stable at 150.44 despite a rise in Japan Inflation.