Rupee ends marginally higher at 74.40 per dollar
Going ahead rupee can be seen in range of 74.30-74.65 range, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
July 23, 2021 / 03:37 PM IST
Indian rupee ended marginally higher at 74.40 per dollar, amid buying saw in the domestic equity market.
It opened 7 paise lower at 74.53 per dollar against previous close of 74.46 and traded between 74.37-74.57.
At close, the Sensex was up 138.59 points or 0.26% at 52975.80, and the Nifty was up 32 points or 0.20% at 15856.
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"Rupee traded positive yet again as capital markets cheer funding inflow avoiding the rising covid numbers globally as the vaccination drive keep positive outlook on overall situation which will avoid lock downs," said Jateen Trivedi, Senior Research Analyst at LKP Securities.
"Dollar index soft trend also helped the rupee gain 0.20p to 74.45 compared to 74.65 in previous session. Going ahead rupee can be seen in range of 74.30-74.65 range," Trivedi added.
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities:
"Over this year, risk-off events have not been sustained beyond 24-48 hours. The last one was no exception. After a brief sell-off in global equity markets On Monday, the risk-on mood is back strongly. Equity markets are higher and the US Dollar Index is trading lower. Asian currencies are also gaining ground against the US Dollar. Add to that lumpy FDI flows.
USD INR spot touched an intra-day low of 74.33, the lowest level since 5th July. However, alleged intervention from RBI pulled it back towards 74.47 by close of trading, still down 15 paise for the day. NSE USDINR July futures are also trading 16 paise up from their intra-day low of 74.36, currently at 74.51, down 19 paise for the day. All eyes on the ECB meeting tonight. Over the near term, USDINR may continue to oscillate within a range of 74.20-74.60, bracketed by RBI's demand for $ and risk on mood globally.