9.15 AM: Rupee opens higher at 69.46 per dollar

The Indian rupee opened higher by 14 paise at 69.46 per dollar on Thursday versus Tuesday close of 69.60.

On Wednesday the currency markets were shut on account of Mahavir Jayanti, while it will remain shut on April 19 for Good Friday.

Rupee futures are expected to open higher around 69.55 against the dollar after robust economic data boosted the Chinese yuan to near nine-month highs. China’s economy grew at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, as industrial production surged and consumer demand showed signs of improvement. Yuan climbed 0.4% yesterday after the country’s first-quarter economic growth beat forecasts and March industrial output rose by the most in four years and maintained its advance to near nine-month highs of 6.6890 to the dollar, said Motilal OSwal.

The US industrial production fell in March, slipping by 1% due to a drop in mining output. Factory output remained weak amid a slowing global economy and trade tensions with China. Investors are closely watching Chinese and European economic data for signals that global growth is recovering.
The release PMIs for the manufacturing and service sectors in Europe will provide the next indication of the strength of the European economy, it added.

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