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Last Updated : Oct 10, 2019 05:35 PM IST | Source: Moneycontrol.com

Rupee ends flat at 71.06 per dollar

On Wednesday, the rupee pared most of its initial losses and settled the day marginally down by 5 paise.

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Representative image
Representative image

Indian rupee ended flat at 71.06 per dollar against Wednesday's closing of 71.07, with domestic equity market ended lower on October 10.

Rupee opened higher by 12 paise at 70.95 per dollar and touched an intra-day high of 70.93 per dollar.

On Wednesday, the rupee pared most of its initial losses and settled the day marginally down by 5 paise as China offering to buy additional US goods to ease trade tensions bolstered hopes of a partial deal between the two major economies, said PTI.

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According to ICICIdirect, the dollar-rupee October contract on the NSE was at 71.20 in the previous session. Open interest declined 0.42% in the previous session.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it said.

Oil prices dipped on Thursday as the U.S.-China trade war continued to cloud prospects for the global economy and fuel demand despite a resumption in talks seeking a resolution to the 15-month conflict.

The dollar was on track for its biggest daily drop in five weeks on Thursday against its rivals as the prospects of a partial trade deal between China and the United States fuelled appetite for trade-oriented currencies such as the euro and the Australian dollar.

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First Published on Oct 10, 2019 05:08 pm

tags #Rupee

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