Rupee Inches Up: INR Opens Stronger at 88.21 Against the Dollar

The Indian Rupee (INR) began Monday’s trading session on a slightly firmer note, opening at 88.21 per US dollar—up 0.06% from Friday’s close of 88.2650. The modest appreciation reflects a mix of stabilizing global risk sentiment and expectations of steady domestic macroeconomic indicators.

Currency traders attributed the movement to a pause in the US dollar rally, as markets await clarity on the Federal Reserve’s next rate move and India’s upcoming fiscal data. However, the rupee continues to hover near record lows, weighed down by persistent foreign fund outflows and elevated crude oil prices.

Key Highlights:

- Notable Update: INR opened at 88.21/USD, slightly stronger than the previous close of 88.2650.

- Major Takeaway: The 0.06% gain reflects cautious optimism amid global monetary policy uncertainty.

- Important Point: The rupee remains under pressure from high oil import bills and foreign equity outflows.

- Market Context: Traders are closely watching the upcoming GST Council decisions and US Fed commentary for further cues.

Sources: Reuters, Moneycontrol, Economic Times, 30Rates.com.