Rupee Opens Stronger Marking A Week-Long Gaining Streak Against US Dollar

The rupee extended its gaining streak against the US Dollar to a full week in seven consecutive sessions on Friday. Rupee strengthened by 14 paise to open at 86.22 against US Dollar.

The local currency strengthened 7 paise to end at 86.37, after trading in the range of 86.20-86.41 on Thursday. Technically, there is a gap support at 86.20, according to India Forex And Asset Management Pvt.

Rupee is likely trade in the 86.20-86.50 range with sideways price action, according to IFA Global.

Brent was trading higher at $72.4 per barrel, while Gold had come off a bit and was at $3,041 per ounce.

Tariff related uncertainty continues to linger and drag global risk sentiment, according to analysts. US Feb existing home sales came in better than expected, while US weekly Jobless claims continue to remain in comfortable territory.

In the global markets, Euro is down 50 pips compared to Thursday morning levels and is at 1.0855. While Pound has come off 35 pips at 1.2965. Bank of England has kept rates unchanged through an 8-1 vote and mentioned that global trade policy uncertainty has intensified.

Aussie has come off 34 pips to 0.63. Thursday's jobs data miss weighed on the currency, IFA analysts said. Yen has also weakened 84 pips to 149.14.