Rupee opens flat at 83.27 against US dollar

The upcoming week will be closely monitored, particularly focusing on vital economic indicators like US Fed meeting minutes, consumer confidence, and PMI figures

Indian rupee on November 20 opened flat against US dollar even as gains in Asian currencies markets.

At 9.10am, the home currency was trading at 83.27 a dollar, up 0.01 percent from its previous close of 83.27.

Last week saw a significant drop in the dollar index to 103.82 and US 10-year yields to 4.38%. This decline was influenced by ongoing weaker US economic data like CPI, PPI, and Unemployment claims. The considerable fall in oil prices, nearly 20% this quarter, also contributed to lower yields.

The upcoming week will be closely monitored, particularly focusing on vital economic indicators like US Fed meeting minutes, consumer confidence, and PMI figures. US markets will be closed on Thursday due to Thanksgiving holiday.

Asian currencies were trading higher. Indonesian rupiah gained 0.5 percent, South Korean won rose 0.47 percent, Taiwan dollar and China Offshore were up 0.4 percent each, Japanese yen and philippines peso advanced 0.39 percent each, Malaysian ringgit and Singapore dollar were up 0.2 percent each while Thai Baht up 0.11 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 103.677, down 0.23 percent from its previous close of 103.917.

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