The Indian rupee is expected to stay cautious in opening trades even as weakness in dollar overseas could limit downside. However, rising international crude oil prices could weigh. Crude oil is hovering above $71 per barrel, a five week high. Meanwhile, local shares are seen opening on a cautious note tracking global counterparts ahead of U.S. reciprocal tariff announcements on its trading partners, which are due to be imposed on Wednesday, April 2nd. Yesterday, the benchmark S&P/BSE Sensex plunged 1,390.41 points, or 1.80 percent, to 76,024.51, extending losses for a second straight session. The broader NSE Nifty index fell 353.65 points, or 1.50 percent, to 23,165.70, pulled lower by tech stocks and banks. Meanwhile, rupee appreciated 24 paise to close at 85.50 against the US dollar on Friday, logging the best monthly gain in over six years, supported by a resurgence of foreign fund inflows. In March this year the local unit appreciated 2.17 per cent, the maximum since November 2018 when the local unit had registered a gain of over 5 per cent. In the current financial year the rupee has depreciated more than 2 per cent. On April 2, 2024 it was quoted at 83.42 against the US dollar.

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