The Indian rupee opened strong and extended the winning run on fourth day on November 4, on weak dollar amid US election results indicating momentum for the Democratic Party.
The rupee opened higher by 18 paise at 94.56 per dollar, compared with Tuesday’s close of 94.74.
According to Finrex, rupee to open at 94.63 this morning as US Congress results begin to trickle in though it is too early to call as to who will win.
The Dollar Index fell to 101.46 levels while Brent oil was also lower at $ 103.37 per barrel this morning as investors weighed mixed signals on the prospects for a US-Iran peace deal, while market assesses the implications of the US Mid Term elections for the conflict.
Exporters to keep selling the upticks while importers to buy the dips for paying their nearterm liabilities with premiums down, it added.