The domestic unit yesterday spurted by 54 paise, its biggest single-day gain in more than 5 months, to close at a one-week high of 71.48.
The rupee today opened 4 paise lower at 71.52 against the US dollar amid rise in crude oil prices. The domestic unit Yesterday spurted by 54 paise, its biggest single-day gain in more than 5 months, to close at a one-week high of 71.48 against the US $, boosted by positive sentiment over the fiscal situation.
The Reserve Bank's decision to transfer a record 1.76 lakh Rs cr dividend and surplus reserves to the government revived the rupee, forex traders said.
Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out 923.94 cr Rs, according to provisional exchange data.
That apart, market participants will keep an eye on Q1 GDP number. According to Ficci survey, economic growth is likely to be 6% in the first quarter of the current fiscal year, which would accelerate to 6.5 in the second quarter. For the entire year, the growth was pegged at 6.9% .
On the global front, Asian stocks traded marginally higher as higher Wall Street futures provided some relief for investors after an overnight US selloff, though deeper worries about the global economy are likely to keep a lid on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.03 %, Japan's Nikkei rose 0.04 % and Australia's shares rose 0.07%, Reuters reported.
In the currency market, The $ was little changed at 105.67 yen after falling 0.3 % . In commodities, oil prices gained over 1 % as drop in US inventories eased recession worries.
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