Indian rupee opened 7 paise higher at 71.85 per dollar

Indian rupee opened 7 paise higher at 71.85 per dollar

The Indian rupee opened 7 paise higher at 71.85 per dollar on February 25 against the previous day's close at 71.92.

The rupee on February 24 fell to more than three-month low against the US dollar, tracking heavy selling in domestic equities and strengthening of the American currency in the overseas market.

Investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the global economy.

However, easing crude oil prices supported the local unit and restricted the fall to some extent.

Oil prices slumped by nearly 4 percent on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude, reported Reuters.

Experts expect the Indian market to be choppy in the near-term as global sentiments continue to remain muted whereas F&O expiry could also induce some volatility during the week.

However, a trade deal or a strategic partnership between the US and India could influence the mood of the market.