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Rupee opens at 73.99 per dollar, trades with mild gains

The momentum indicator was showing that sideways momentum may continue in the currency pair.

November 25, 2020 / 11:31 AM IST

The Indian rupee opened flat at 73.99 per dollar on November 25 as the dollar gained ground against its global peers.

The rupee, which had closed at 74.01 in the previous session, was trading 6 paise higher at 73.95 at 1120 hours.

The rupee traded lacklustre as the equity market came under pressure due to profit-booking. Experts said the 13,100-13,200 could be a resistance zone and there was a possibility of profit-booking.

"Traders can utilise the current market level to lighten up on their positions and use a trailing stoploss method. The support is now upgraded to 12,800," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

The USD-INR  futures slipped below its support level of 74.05.

"Technically, USD/INR Future has slipped below its support level 74.05, its 21-DMA on an hourly chart placed at 74.21, which is a strong resistance level for USDINR for today's session," said Khsitij Purohit, Product Manager Currency & Commodity, CapitalVia Global Research.

The momentum indicator was showing that sideways momentum may continue, with 73.90 acting as a strong support zone and 74.15 – 74.25 as resistance, he said

As per the provisional data available on the NSE, FIIs net bought Rs 55,552.64 crore worth of shares till November 24. The actual data available with the Sebi shows that FIIs had invested Rs 54,521.68 crore till November 23.

The strong flow from FIIs helped the Nifty move past the psychologically important 13,000-mark from 12,000 in just 14 trading sessions. The index closed above 13,000 for the first time on November 24.

Moneycontrol News
Tags: #Rupee
first published: Nov 25, 2020 11:31 am