The Indian rupee opened lower against the US Dollar in the early morning trade, however, it erased gain and trading higher. The yield on the 10-year Indian government bond was at 6.498% compared with its previous close of 6.497%.
The local unit is trading higher by 12 paise at 71.29 against US Dollar.
On the international front, the media reports said that the US has slapped tariffs on a record USD 7.5 bn worth of European goods. The tariffs were imposed despite pleas from European officials for a last-minute reprieve and French Economy Minister Bruno Le Maire warning of retaliation, the media reports added.
Further, investors were also cautious and pricing in a rate cut by Fed Reserve and Reserve Bank of India's minutes of the latest monetary policy that are due later today.
The dollar index, which measures the US currency’s strength against a basket of major currencies was down 0.01% at 97.593.
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