The Indian rupee has opened higher for the four fourth consecutive session to hit a one-week high against the US dollar on the back of recent gains in domestic equity markets on Tuesday.
At 9.10 am, the Indian rupee was trading at 70.92 a dollar, up 0.34per cent from Friday’s close of 71.15. The Indian unit had opened at 70.92 a dollar and touched a high and a low of 70.90 and 70.93 respectively. Yesterday, markets were closed in Maharashtra due to assembly election.
Domestic equity markets surged in eight out of nine trading session and rose 4.3 per cent during this period. In pre-opening, the benchmark Sensex index fell 0.33 per cent or 127.81 points to 39170.57. So far this year it gained 9 per cent.
Traders also exercised caution and are awaiting fresh cues on the potential trade deal between the US and China. US President Donald Trump said China has indicated that negotiations over an initial trade deal are advancing, raising expectations the leaders could sign an agreement at a meeting next month in Chile.
Read EquityPandit’s Nifty Outlook for the Week