On the domestic equity market front, the 30-share BSE Sensex advanced 74.61 points or 0.12 per cent to end at 60,130.71 points and the broader NSE Nifty gained 25.85 points or 0.15 per cent to 17,769.25 points.įoreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 412.27 crore, as per exchange data. Global oil benchmark Brent crude futures declined 0.39 per cent to $ 82.41 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 101.40. The US GDP data is the next key trigger for the traders to watch out for, till then the range for the rupee can be seen in 81.75 - 82.10," Trivedi said. "The rupee replicated peers by staying in the range of 81.85-81.95. The rupee on Monday settled at 81.92 against the US dollar.Īccording to Jateen Trivedi, VP Research Analyst at LKP Securities, the rupee traded range bound near 81.90 as the dollar index was in the consolidation range. If the 80 mark is taken out convincingly, the panic button could get triggered and 81.00 to 81.50 levels will remain on the cards.The rupee traded in a narrow range and settled on a flat note at 81.92 (provisional) against the US dollar amid rising crude oil prices and foreign fund outflows.Īt the interbank foreign exchange market, the local unit opened at 81.95 against the US currency and finally closed at 81.92 (provisional) against the greenback, unchanged from its previous close.ĭuring the session, the rupee touched a high of 81.86 and a low of 81.96 against the dollar.Īlso Read | Rupee moves in narrow range against US dollar in early trade The intraday price action movement clearly signifies that there is a heavy demand for the dollar pushing the USDINR pair on the upside. So far the Bank has offloaded over $50 billion in reserves but as the global sentiments are negative, it hasn’t helped the rupee more than slowing down the depreciation pace. “USDINR has been trading between 80-80.25 levels in NDF in the past few sessions and in onshore the RBI seems to be protecting the breach above 80 levels. Forex traders said a positive trend in domestic equities, foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit. Although, after Independence, the Indian rupee was pegged to the British Pound at a rate of 1 rupee 1 shilling and 6 pence, which translates to 13 1/3 rupees per British Pound. We expect the USDINR(Spot) to trade with a positive bias and quote in the range of 79.70 and 80.40.” Amit Pabari, MD, CR Forex Advisors Mumbai, Apr 27 (PTI) The rupee gained 8 paise to 81.66 against the US dollar in early trade on Thursday amid weak American currency in the overseas market. USD-INR: Indian Rupee Drops to 9-Month Low Against US Dollar. Better-than-expected economic data could extend gains for the dollar. Apart from ECB policy statement, focus will also be on the Philly Fed Manufacturing Index that will be released from the US. Market participants remain cautious ahead of the important ECB policy statement that will be released today. “Rupee consolidated in a narrow range for the whole of the session but was weighed down in the latter hour of the session following broad strength in the dollar against its major crosses. NSE warns investors against entities running dabba trading activities Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services We could see a range of 79.60 and 80.40 on spot.” Over the near term, we expect USDINR to trade with an upward bias, driven by fragile global risk sentiments. Demand for USD from oil marketing companies and weakness in Yuan added to the demand for USDINR. “USDINR spot closed 5 paise higher at 79.99, high of the day. Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd At the interbank foreign exchange market, the local unit opened at 79.91 and later slid to a close at a low of 80.05 to a dollar, down 13 paise from its previous close. In the previous session, rupee declined to close below the 80 mark for the first time against the US dollar due to strong dollar demand from importers amid high crude oil prices. USDINR(Spot) is expected to trade with a positive bias and quote in the range of 79.70 and 80.40. However, losses may be capped by falling crude prices, FII selling slowdown and positive equity markets, according to analysts. The Indian Rupee is likely to depreciate on strong dollar, fragile risk sentiments in global markets.
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