Rupee at day's high at 71.53 per dollar
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, says ICICIdirect.
November 26, 2019 / 03:10 PM IST
The Indian rupee has extended the morning gains and trading at day's high level at 71.53 per dollar, with domestic equity market slipped from the record high levels.
It opened higher by 5 paise at 71.68 per dollar versus previous close 71.73.
On November 25 the rupee ended 3 paise lower to 71.74 against the US dollar due to fag-end dollar buying by banks and importers.
Rising crude prices and strengthening dollar overseas also weighed on the rupee sentiment.
The Sensex was down 79.58 points or 0.19% at 40809.65, and the Nifty was down 39.10 points or 0.32% at 12034.70.
Oil prices were steady on Tuesday, holding onto gains from the previous session, after positive comments from the United States and China kept alive hopes that the world’s two largest economies are soon to agree an end their trade war.
The dollar held an upper hand against the yen on Tuesday as optimism on a trade deal between the United States and China dented the allure of the safe-haven unit while the British pound was supported by hopes of an end to a hung parliament.
The dollar-rupee November contract on the NSE was at 71.73 in the previous session. Open interest declined 10.36% in the previous session, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.