The Indian rupee extended its rally for the fourth consecutive session against the US Dollar on Tuesday. The currency and bond markets were closed on Monday due to assembly election in Maharashtra.
The local unit opened 24 paise higher at 71.14 per dollar against the previous close at 70.90, led by softer global crude oil prices. The yield on the 10-year Indian government bond was at 6.518% compared with its previous close of 6.519%. The dollar index, which measures the US currency’s strength against a basket of major currencies, was down 0.03% at 97.30 from its previous close of 97.328.
Further, investors are awaiting fresh cues on the potential trade deal between the US and China. As per media reports, UK PM Boris Johnson was prevented from holding an important vote on the Brexit withdrawal deal he recently agreed with Brussels.
On Friday, the rupee ended marginally higher at 71.15 per dollar.
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