The Indian rupee opened higher at 70.95 per dollar versus Monday's close of 71.

The rupee erased all its early Monday's gains and ended 17 paise lower at 71 against the US dollar on December 16, amid rising crude oil prices and selling seen in the domestic equity market.

Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged US-China trade deal is in the pipeline and set to stoke oil demand in the world's biggest economies.

Gold prices were little changed on Tuesday as differing views of Chinese and US officials on the interim trade deal announced last week kept investors on the sidelines.

The dollar-rupee December contract on the NSE was at 71.11 in the previous session. Open interest increased 1.22% in the previous session, said ICICIdirect.

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

Published On : 17-12-2019

Source : Money Control