Rupee at a kissing distance of 80 against US dollar

The rupee opened at a record low of 79.94 against the US dollar on Friday as rising oil prices and firmness in dollar put pressure on the domestic currency. Positive trend in domestic equities, however, supported the currency.

Global oil prices edged higher on Friday amid US rate hike worries. Brent futures climbed as much as 1.5 percent to $100.6 a barrel as of 9:24 am. West Texas Intermediate (WTI) futures followed suit and was 1.2 percent up at $96.9 a barrel.

The dollar index — which gauges strength in the greenback against six peers — climbed 0.1 percent to 108.6.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on Friday shrugging mixed trends across global markets.

The rupee had settled at 79.88 against the US dollar in the previous session

key words: positive trend in domestic equities, west Texas intermediate ,global oil prices edged higher on friday

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