Rupee opens almost flat at 40.03/04 against USD

Mumbai, Apr 9: Rupee today opened almost on flat note at 40.03/04 per US Dollar as against previous close of 40.02/03 amidst choppy trade.

The Indian unit was trading in a range bound gap of two to three paise and further expected to weaken against greenback in the later part of the session as crude oil prices headed back towards record highs and sluggish Asian markets raised the prospect of an increase in capital outflows from local stocks, dealers said.

The inter-nation crude oil prices has reached above USD 108 per barrel today, gave an indication to move towards record highs.

Dealers opined that rising crude prices will widen the trade deficit and could put further downward pressure on the rupee.

UNI