The Indian rupee opened higher against the US dollar on October 19, with the central bank's dollar sales expected to support the currency and keep it near what traders perceive to be the central bank's soft defence line.
The rupee extended its gains on seventh consecutive day and opened higher by 9 paise at 94.86 per dollar, compared with Thursday’s close of 94.95.
According to Finrex, the rupee is expected to open flat this morning (around (94.94) with oil prices slightly down after Trump did not apply tariffs on India, China and 3 other countries for buying Russian oil.
Dollar Index was a tad up at 101.79 this morning, moving with a range of 101.50 to 102. We expect some inflows from the JIO IPO whose anchor investors portion is opening for subscription this morning.
Exporters to sell near to 95.10 and take advantage of the higher forward premiums. Importers to wait for lower levels of 94.50 so that higher forward premiums could be absorbed by the lower spot, it added.