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Rupee Opens Higher At 70.89

Roshni Agarwal

Rupee in Thursday's session is seen trading higher at 70.9 versus the previous session's close of 71.07. The drop in the currency is expected to continue to remain for some time more as global headwinds put a pressure.

Further, as per the RBI report, protectionism and slow global trade world over is likely to influence the home currency. "The INR depreciated vis-a-vis the US dollar in August 2019, reflecting global developments.

Looking ahead, rising trade protectionism, slowing global trade and global output could increase volatility in the international financial markets and exert further downward pressure on the currency," said the report.

Besides volatility in the international markets, the unabated outflow of foreign funds from the Indian markets is weighing on the rupee.

Meanwhile, Indian indices are likely to open weak taking cues from Asian markets which remained wobbly after it is seen that there is still much amount of time before any trade deal can be reached between the US and China.

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