This week, for USDINR we expect the broader range to be 74.60-75.30, says Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
Indian rupee ended with marginal gains at 74.90 per dollar, amid buying seen in the domestic equity market.
It opened flat at 74.95 per dollar against Friday's close of 74.93 and trade in the range of 75.85-74.96.
At 14:05 IST, the Sensex was up 207.12 points or 0.54% at 38247.69, and the Nifty was up 72.90 points or 0.65% at 11286.90.
"The risk-off mood due to US-China trade war and coronavirus concerns have kept USDINR spot above the crucial support of 74.75. Also, it is respecting the immediate resistance of 75.20, only sustained FII selling from equity segment will push the USDINR spot higher," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
"We have to see how US-China trade negotiations take place, along with today's US NFP data as investors await a clearer picture of the heath of US economy. So for this week, we expect the broader range to be 74.60-75.30," he added.
Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the US economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.The US dollar was trying to keep a rare rally together on Monday as its longest losing streak in a decade left much of the market structurally short of the currency and vulnerable to a squeeze on any upbeat news.