Rupee opens 20 paise higher against US dollar as crude oil tumbles
The rupee on Monday opened 20 paise higher at 69.50 against the US dollar as crude oil prices slipped to multi-month lows on global recession fears. The domestic unit on Friday snapped its three-session losing streak to settle 17 paise higher at 69.70.
On Friday, data showed India’s economy grew at a slowest pace in more than four years at 5.8 per cent in the last quarter thereby raising prospects of a rate cut in the RBI scheduled this week. For the fiscal year that ended March 31st showed the economy grew at 6.8 per cent compared to estimates of 7 per cent.
Government spending, however, rose 13.1 per cent in the March quarter from 6.5 per cent ahead of the April-May elections, widening the fiscal deficit in the last financial year.
