Mumbai: The Indian rupee opened sharply higher against US dollar on Tuesday (May 13). As per forex traders, the Indian currency was supported by optimism from easing of tensions between India and Pakistan, foreign investor interest in Indian assets as well as the US-China trade deal.
At the interbank foreign exchange, the domestic currency opened at 84.70 and fell to an early low of 84.74 and a high of 84.62 against the US dollar, registering a gain of 74 paise over its previous close. On Friday, the rupee pared its initial losses and settled for the day higher by 22 paise at 85.36 against the US dollar. The foreign exchange market was closed on Monday on account of Buddha Purnima.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 20 per cent at 101.58. The dollar index rose over 1.30 per cent on Monday, driven by the US-China trade agreement, where both sides significantly reduced tariffs.
Foreign institutional investors (FIIs) bought Indian equities worth Rs 1,246.48 crore on a net basis on Monday.
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