Rupee opens higher at 68.26/$, up 17 paise

In international markets, US dollar strengthened against Euro after Eurozone inflation numbers revealed no inflationary pressure.

The Indian rupee opened higher by 17 paisa at 68.26/$ on Tuesday as against previous close of 68.43/$. On Monday, rupee rebounded strongly against the greenback, influenced by the optimism emanating from the Union Budget for FY2016‐17. In international markets, US dollar strengthened against Euro after Eurozone inflation numbers revealed no inflationary pressure. February CPI fell 0.2% on yoy basis, while core CPI was up by only 0.7%, well below estimates.

On Monday, the rupee ended at 68.43/$, higher by 19 paise from its previous close of 68.62/$ on Friday. The local unit had hit a high of 68.57 and a low of 68.70 today. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.61 and for Euro stood at 75.07 on February 29, 2016. While, the RBI’s reference rate for the Yen stood at 60.78, the reference rate for the Great Britain Pound (GBP) stood at 95.1978.