Rupee erases gains, trades at day's low
On December 26 the rupee ended lower by 4 paise at 71.31 against the US dollar.
December 27, 2019 / 02:33 PM IST
The Indian rupee erased all its intraday gains and is trading at day's low level at 71.33 per dollar, with buying seen in the domestic equity market.
Domestic currency opened flat at 71.31 per dollar versus Thursday's close 71.31.
On December 26 the rupee ended lower by 4 paise at 71.31 against the US dollar amid heavy selling in domestic equities and steady rise in crude oil prices.
The Sensex was up 329.07 points or 0.80% at 41492.83, and the Nifty was up 94.70 points or 0.78% at 12221.20.
Oil prices rose on Friday, hitting three-month highs after data showed record online spending by US consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing.
Gold prices edged lower on Friday on rising risk appetite buoyed by optimism over an interim US-China trade deal, but bullion was still set to register its best week in more than four months.
The dollar-rupee January contract on the NSE was at 71.57 in the previous session. Open interest rose 19.8% in the previous session, said ICICIdirect.
We expect the USD-INR to find support at lower levels. Utilise upsides in the pair to initiate long positions, it added.