Rupee Opens Stronger Against US Dollar

The rupee opened stronger against the greenback on Monday as the foreign exchange reserves rose the most in three years. The currency opened 9 paise stronger at 86.91 against US Dollar.

"India's Forex reserves recorded their strongest increase in more than 3 years by $15.37 billion to reach $653.97 billion for the week ending 7th March. It was a result of the $10 billion swap conducted by the Reserve Bank of India on 28th February along with higher revaluation of other global currencies which have gained against the dollar, some buying by RBI and higher valuation of the gold reserves which totalled $74.33 billion," said Anil Kumar Bhansali, head, treasury and executive director, Finrex Treasury Advisors LLP.

The rupee ended 21 paise stronger against the dollar at 87.00 on Thursday as India's softer inflation print and upbeat industrial production data boosted sentiment.

The dollar index trade in narrow range as market participants avoided placing any significant bets before policy decisions from central banks of several major economies. The index was stuck between 104.00 and 103.00. As of 9:04 a.m., it was trading flat at 103.73.

Later this week, the US Federal Reserve, the Bank of England, and the Bank of Japan will hold their policy meetings. The US and Japan's central banks are largely expected to maintain status quo.

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