Rupee Ends Higher At 75.50 Per Dollar

Rupee still broadly trading between the range of 75.40-75.75," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities

Jun 30, 2020 / 10:00 AM IST

Indian rupee ended 8 paise higher at 75.50, amid volatile trade seen in the domestic equity market.

It opened 10 paise higher at 75.48 per dollar versus previous close of 75.58 and traded in the range of 75.44-75.57.

At 14:41 IST, the Sensex was down 54.14 points or 0.15% at 34907.38, and the Nifty was down 15.60 points or 0.15% at 10296.80.

"Rupee ended higher on Monday on likely overseas inflows into local debt amid a weak greenback. Some Jio-related inflows further supported spot pair, however, dollar buying by nationalized banks likely on behalf of Reserve Bank of India (RBI) capped sharp fall in spot pair. Rupee still broadly trading between the range of 75.40-75.75," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Oil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease.

The rupee has been finding support near 75.35-75.40 levels (spot). We expect it to witness a fresh up move from these levels. Only a close below it may trigger further downsides in the currency pair, said ICICIdirect.

The dollar-rupee contract on the NSE was at 75.69 in the last session. The open interest increased almost 2.5% in the July series, it added.

TAGS: #Rupee

first published: Jun 30, 2020 10:00 am