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Last Updated : May 20, 2020 02:09 PM IST | Source: Moneycontrol.com

Rupee ends lower at 75.79 per dollar

Cases in India have risen exponentially, and fiscal deficit concerns surrounding the stimulus package will weigh on the appetite going forward, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.

Representative Image
Representative Image

Indian rupee ended lower by 15 paise at 75.79 per dollar, amid buying seen in the domestic equity market.

It opened 7 paise higher at 75.57 per dollar and traded in the range of 75.55-75.69.

At 14:08 IST, the Sensex was up 411.96 points or 1.36% at 30608.13, and the Nifty was up 125.30 points or 1.41% at 9004.40.

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"Today’s rise could be a temporary phenomenon for the rupee, especially since global and domestic equities have reacted positively to the potential virus vaccine, while a weak dollar index has further aided. However, rupee’s risk of depreciation still remains, as domestic concerns surrounding the virus will take the forefront," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.

"Cases in India have risen exponentially, and fiscal deficit concerns surrounding the stimulus package will weigh on the appetite going forward. Still, 76.60 remains a key cushion level for the rupee for the rest of this month," she added.

Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.
The dollar-rupee contract on the NSE was at 75.67 in the last session. The open interest fell by almost 1.1% during the last session, said ICICI direct.


Positive domestic equity and successful trail of vaccine weighed on the rupee yesterday. However, we feel the rupee will consolidate in a range and again move towards 76 levels, it added.


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First Published on May 20, 2020 10:05 am

tags #Rupee

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