Rupee opens 13 paise lower at 73.48 against US dollar
Importers are likely to buy around 73.30 and exporters are likely to sell around 73.60 in the near term. The day's range for the rupee will be 73.30 -73.60, say experts.
May 11, 2021 / 10:14 AM IST
The Indian rupee opened 13 paise lower at 73.48 a dollar on May 11 amid weakness in the equity market.
In the previous session, the Indian currency ended at the day's high of 73.34, amid buying in the domestic equity market for the fourth straight session.
"The USD-INR has appreciated to 73.50 as the Indian variant of the virus is causing some strain bringing equities down as also to the rupee. However flows in the pair should continue and every uptick should bring about some good selling," said Anil Kumar Bhansali, Head of Treasury at Finrex.
"The RBI was the only buyer of the pair yesterday and did not allow an appreciation beyond 73.30 of the rupee. Importers are likely to buy around 73.30 and exporters are likely to sell around 73.60 in the near term. The rupee range for the day is 73.30 - 73.60," he said.
Crude oil, which has a major impact on the rupee, settled higher the previous day. As reported by Reuters, potential US demand growth boosted crude prices, offsetting fears that a resurgent coronavirus pandemic in India would cut demand in Asia.
Brent crude settled up 4 cents, or 0.1 percent, at $68.32 a barrel. US West Texas Intermediate (WTI) crude was up 2 cents, or 0.03 percent, at $64.92. Both benchmarks rose more than 1 percent last week, their second consecutive weekly gain.
The equity market was trading lower, tracking weak global cues as worries about inflation pushed investors away from stocks. The Sensex fell more than 500 points and Nifty slipped below 14,800 in the early trade on May 11.Disclaimer: The views and investment tips expressed by the experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.