The Indian rupee slipped in opening trades on Monday tracking sharp spike in dollar index above 100 mark. Dollar index spiked above 100 for the first time in two months following a strong jobs data, driving sooner than expected rate hike by Fed. INR opened at Rs 95.35 per dollar and hit a high of 95.28 so far during the day. On Friday, rupee ended at 95.18. Indian shares are seen opening sharply lower on Monday as investors weigh weak global cues and escalating Middle East tension against strong domestic GDP data as well as the Indian government's decision eliminating the 12.5 percent long term capital gains tax on foreign institutional investment in government bonds. India's economy grew an unexpectedly strong 7.8% year-on-year in the January-March quarter, the government said on Friday, as robust private investment, farm output and construction activity offset the early impact of the Middle East conflict.
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