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Last Updated : Sep 05, 2019 08:28 PM IST | Source: Moneycontrol.com

Rupee extends gains, closes 28 paise higher at 71.84

We expect the USD-INR to find resistance at higher levels. Utilise upsides in the pair to initiate short positions, says ICICIdirect.

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Representative image

Extending the gains into the second consecutive session, the Indian rupee closed 28 paise higher at 71.84 per dollar on September 5.

The Indian rupee clawed back some lost ground on September 4, gaining 27 paise to settle at 72.12 against the US dollar in line with a recovery in domestic equities, said PTI.

After a rangebound session, Indian equity benchmarks Sensex and Nifty ended mixed as investors remained cautious in the absence of any fresh positive trigger for the market at home.

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Foreign Institutional Investors (FIIs) sold shares worth net Rs 561.17 crore, while Domestic Institutional Investors (DIIs) bought net Rs 699.31 crore worth of shares in the Indian equity market on September 5, as per provisional data available on the NSE.

Also Read - Indian rupee unlikely to gain traction as investors stay shy: Poll

The dollar-rupee September contract on the NSE was at 72.29 in the previous session. Open interest declined 2.21 percent in the previous session, said ICICIdirect.

We expect the USD-INR to find resistance at higher levels. Utilise upsides in the pair to initiate short positions, it further said.

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First Published on Sep 5, 2019 02:00 pm

tags #Rupee

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