Rupee erases gains, trades flat at 75.58 per dollar
Utilise downsides in the pair to initiate long positions, says ICICIdirect.
March 31, 2020 / 02:47 PM IST
Indian rupee erased all its intraday gains and trading flat at 75.58 per dollar, with buying seen in the domestic equity market.
It opened higher by 9 paise at 75.52 per dollar against previous close of 75.61.
On Monday, the rupee ended 72 paise lower at 75.61 against the US dollar amid rise in coronavirus cases in the country and weak domestic equities.
The Sensex was up 1,242.97 points or 4.37% at 29683.29, and the Nifty was up 371.30 points or 4.48% at 8652.40.
The USD-INR was unable to move below its crucial support of 74.50 and witnessed buying interest from there again. Utilise downsides in the pair to initiate long positions, said ICICIdirect.
Gold prices eased on Tuesday as the U.S. dollar held firm, while fears of further economic fallout from the coronavirus pandemic provided some supported to bullion, which is on track to post its sixth straight quarterly gain.
Oil recovered some ground on Tuesday as U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilising energy markets, but prices remain near 18-year lows as the coronavirus shutdown destroys demand.
"Rupee traded positive as the global market witness some respite on corona spread font. The next two days where the currency market will remain close which can see sharp gap opening on Friday which can take rupee weakness to near 76 or above 75," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.