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Rupee slips 23 paise to 73.80/$

The Indian rupee opened lower by 23 paise at 73.80/$ on the back of strength in the greenback.

On the international front, oil prices jumped 1.3% as top OPEC producer Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist and government critic Jamal Khashoggi.

On the economy front, consumer price inflation in September rose 3.77% vs. 3.69% in August owing to higher food & fuel prices and a weakened rupee. Meanwhile, the index of industrial production grew 4.3% in August 2018, lower than July’s IIP of 6.6%. The August IIP, however, beat economist estimates.

On Friday, the domestic currency strengthened by 55 paise to settle at 73.57/$.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs73.79, while for the Euro it was at Rs85.55. The RBI’s reference rate for the Yen stood at Rs65.67; the reference rate for Great Britain Pound (GBP) was Rs97.65.