Indian rupee opens higher by 18 paise at 73.87 per dollar

Mumbai, Oct 9: The Indian rupee hit the 74 mark to dollar in trade today after opening higher by 18 paise at 73.87 compared to previous close of 74.06 against the dollar. Yesterday it closed lower by 29 paise versus Friday's close 73.77.

At the forex market, the local currency was trading 18 paise higher at 73.88 in early trade.

The International Monetary Fund's forecast of a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019, too, boosted investor sentiment here.

In the previous session Monday, the rupee slumped 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar.

Meanwhile, equity benchmark indices opened higher, S&P BSE Sensex gained 0.5 percent or 170 points to 34,640 and the NSE Nifty 50 Index rose 0.35 percent or 36 points to 10,385.