INR opens flat at 70.86 per dollar

The Indian rupee opened flat at 70.86 per dollar on Friday against previous close 70.88.

 

The Indian rupee recovered from the day’s lows and settled higher by 20 paise at 70.88 to the US dollar on Thursday, helped by weakening of the greenback overseas and easing crude oil prices.

 

However, sustained foreign fund outflows and sell-offs in domestic equities put pressure on the forex market, somewhat capping the rupee gains, it added.

 

The dollar-rupee October contract on the NSE was at 71.07 in the previous session. Open interest rose by 1.85% in the previous session, said ICICI direct.

 

We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.