Equity

The Indian rupee extends gains in opening trades on Friday following a weak greenback against major crosses overseas and sliding international crude oil prices as excess US inventories and an upcoming OPEC+ meeting triggered supply side concerns. Dollar index receded after a spike above 97 mark yesterday as a stronger-than-expected June jobs report eased concerns over an economic slowdown and reduced pressure on the Federal Reserve to cut interest rates. The US economy added 147,000 jobs in June, up from 144,000 in May and well above market expectations of 110,000. INR opened at Rs 85.44 per dollar and hit a high of 85.34 so far during the day. Yesterday, rupee pared initial losses and jumped 31 paise to close at 85.55 against the US dollar. INR neared 85.20 per US dollar mark in intraday moves, hitting its one month high. Meanwhile, data showed India's services sector enjoyed its strongest growth in ten months in June, fueled by robust demand and cooling price pressures. On the NSE, USDINR futures ended lower by 0.37% at 85.42.

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