The currency opened marginally higher at 69.11 against the dollar compared to its previous close of 69.17/$.
The currency opened marginally higher at 69.11 against the dollar compared to its previous close of 69.17/$.
Firm global equity markets lent some support to the currency on the last trading day of this week. Equity benchmark indices in the US and Asia turned green amid positive updates on trade talks between the US and China, especially after China’s President Xi Jinping said substantial progress has been made in trade talks with Washington.
Equity benchmark indices in India were also trading in the green on Friday with the Sensex gaining 163 points at 38,848 levels. The Nifty also rose 54 points to trade at 11,652 levels, on its way to reclaiming the key level of 11,700.
On Thursday, the currency depreciated 76 paise as the Reserve Bank of India (RBI) seeded doubt regarding India’s economic growth concerns. Additionally, Fitch, a US-based credit rating agency, retained India's sovereign rating at 'BBB-', the lowest investment grade, with the stable outlook, media reports stated.
The agency in its report released on Thursday said that a weak fiscal position continues to constrain its rating. This is the 13th year in a row that global rating agency Fitch has rated India at 'BBB-'. It had last upgraded India's sovereign rating from 'BB ' to 'BBB-' with a stable outlook on August 1, 2006.
On the global front, increased crude oil prices also fueled the fire. The international crude oil benchmark, Brent oil touched its key level of $70 per barrels in the first time since November 2018.
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