The Indian rupee opened flat at 71.31 against the US Dollar on Friday. On the economy front, the media reports said that FM Nirmala Sitharaman will hold a meeting with heads of public sector banks on Saturday to review the financial performance of the lenders and their business growth.
RBI has sought to buy Rs10,000cr worth of longer-duration bonds for the second time in a fortnight and sell an equivalent amount of debt maturing in FY21 in a move experts believe should help lower yields, reducing the gap between policy rates and those prevailing in the market.
The local unit on Thursday ended lower by 4 paise at 71.31/$ amid heavy selling in domestic equities and a steady rise in crude oil prices.
Besides, the foreign portfolio investors (FPIs) sold shares worth a net Rs504.13cr and domestic institutional investors (DIIs) bought shares worth a net Rs120.46cr, as per provisional data.
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