Gains in INR seen capped by elevated oil prices

The Indian rupee commenced slightly higher against the US dollar on Friday, tracking extended pullback in dollar under 99 mark and retreating global yields. However, elevated oil prices are capping much gain in the counter. INR opened at Rs 94.53 per dollar and hit a high of 94.46 so far during the day. Yesterday, rupee ended at 94.51. Local shares also opened higher as dovish comments from Federal Reserve Governor Christopher Waller prompted traders to scale back expectations of a Federal Reserve rate increase this month. The Indian stock market benchmark indices are trading in the green with the BSE Sensex at 76,550.49 (up 0.52%) and the NSE Nifty 50 at 23,906.90 (up 0.14%).