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Rupee Opens Tad Lower At 71.19

Roshni Agarwal

The currency opened marginally lower at 71.19 versus the previous session close of 71.16. Further, rupee has been supported after gains in equities came in due to the Brexit deal. Also, the currency has capped its losses as the FII have been net buyers for the last 4 sessions.

In Thursday's trade, rupee strengthened against the dollar as the greenback hovered near a 2-month low due to weak US retail sales. Also, the likely expectation that the US Fed will go in for the second rate cut later this month supported the home currency.

Nonetheless, the Chinese GDP which slowed down more than expected for the second quarter can again be a matter of concern. It is to be noted that the currency has shown sharp appreciation of as much as 1% due to favourable factors.

The currency was last seen trading at 71.14 per US dollar.

In the pre-opening enthused by the Brexit deal, Sensex jumped as much 350 points while the Nifty scaled to 11,600 points.

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