USD/INR opened at 73.79 against its close at 73.56. Dollar opened higher Monday on buying by oil importers and foreign banks on firm greenback,Foreign banks are tracking dollar movement. Also, slump in crude prices have led to increased demand from oil importers.
Crude prices remained slightly elevated after the International Energy Agency forecast prices would remain high "for some time" and a spat between the US and Saudi Arabia added volatility. WTI traded 1.05% higher at $72.09/barrel while Brent surged 1.23% to $81.42/barrel.The greenback gained grounds against its major peers supported by the strength in the US economy amid hopes of aggressive interest rate hikes by the Federal Reserve.
Indian shares opened higher Monday on continued buying in key stocks by local fund amid hopes of strong performance during the fiscal second quarter.Consumer price index, index of industrial production released Friday, provided little cheers.
Sensex provisionally ends 128 points higher with 12 components in the green.
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