Indian rupee opened slightly higher against the greenback on Monday, but the gains were limited amid strengthening of the US dollar and rising oil prices.

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At 09:10 AM, the rupee was trading at 71.84 a dollar, up 6 paise from its Friday’s close of 71.90. The home currency opened at 71.85 and touched a high and a low of 71.80 and 71.86 a dollar, respectively.

The rupee declined by 22 paise to close at 71.90 against the US dollar Friday. Forex traders said the rupee came under pressure following strengthening of the dollar against major currencies overseas.

The home currency is likely to come under pressure intra-day as the dollar held near a 19-month high on Monday, bolstered by safe-haven buying.

Market participants are now turning their attention away from immediate global trade issues to the Federal Reserve’s Dec. 18-19 meeting.

The Fed is widely expected to raise interest rates by 25 basis points, its fourth rate hike this year though greater focus will center on the policy outlook for 2019, over which there is more uncertainty, reported Reuters.

Meanwhile, US oil prices edged up on Monday amid a fall in drilling activity in the United States.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 675.14 crore Thursday, while domestic institutional investors (DIIs) were sellers to the tune of Rs 51.86 crore, provisional data available with BSE showed.

In debt markets, the yields on the 10-year government bonds rose 0.45 percent to 7.44 percent after closing at 7.41 percent on Friday. Bond yields and prices move in opposite directions.

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