Rupee opens 8 paise higher at 67.72 against US dollar

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NEW DELHI: The rupee on Thursday opened 8 paise higher at 67.72 against the US dollar.

The domestic currency on Wednesday recovered from a 16-month low to close higher by 27 paise at 67.80 on suspected RBI intervention to stem further fall in the domestic currency.

“Even as political uncertainty continued to roil equity market, rupee resisted weakness on the expectations of dollar selling by RBI, having tested 68,” said Anand James, Chief Market Strategist at Geojit Financial Services.

The Indian rupee had plunged to a 16-month low of 68.07 on Wednesday due to a combination of macro worries against the backdrop of surging global crude prices and consistent outflow of foreign funds along with uncertainty over government formation in Karnataka.

On the energy front, oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.

Brent crude futures were at $79.32 per barrel at 0027 GMT, up 4 cents from their last close.

US West Texas Intermediate (WTI) crude futures were at $71.68 a barrel, up 19 cents, or 0.3 per cent, from their last settlement.

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