Rupee opens 9 paise higher at 92.57 against US dollar(PTI)AI Quick ReadThe rupee started trading 9 paise higher at 92.57 against the US dollar on Friday, April 10, amid reduced inflows resulting from the central bank's directive aimed at bolstering the currency, alongside elevated oil prices.
In recent trading sessions, the currency had benefitted from the Reserve Bank of India's decision on March 27 to set limits on banks' onshore positions, which compelled them to liquidate dollars within the local market.
However, as most positions were cleared ahead of the RBI's Friday deadline, a significant source of support for the rupee has diminished, according to bankers, as reported by Reuters.
Without considering the RBI's influence, it's "highly probable" that the rupee's trajectory is downward, a currency trader at a bank stated, noting that he anticipates 92.50 to serve as a significant resistance level that is unlikely to be breached, according to a Reuters report.
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