Rupee opens higher, trades at 73.87/$

Currently, the home currency is trading at 73.87 against the American currency.

Indian rupee opened a little higher on Tuesday at 73.79 against the dollar. This is probably due to some weakness in the dollar against its major peers, which prompted domestic exporters’ buying interest for Indian rupee.

In the yesterday’s trading session, rupee ended at 73.83 against the dollar vs. its previous close of 74.01. This was mainly because of trade deficit, which dipped to a five-month low of $13.98bn despite rising crude oil prices inflating the import bill of the country. The narrowed trade deficit comes as a relief for the government, which is grappling with a dual crisis of a weak rupee and high crude oil prices.

Meanwhile, India's exports in the month of September declined to $27.95bn against $28.56bn yoy, while imports grew to $41.9bn against $37.9bn yoy.

Currently, the home currency is trading at 73.87 against the American currency. It has touched a high of 73.92 and a low of 73.78 against the dollar in the morning session.

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