Rupee at day's low, trades at 75.54 per dollar
Utilise downsides in the pair to initiate long positions, says ICICIdirect.
March 30, 2020 / 02:51 PM IST
Indian rupee extended the losses and trading lower by 69 paise at 75.54 per dollar, with selling seen in the domestic equity market.
It opened lower by 33 paise at 75.18 per dollar against previous close of 74.85.
The rupee ended 30 paise higher at 74.85 against the US dollar on Friday after the RBI announced various measures to stimulate growth amid coronavirus-induced lockdown in the country.
The Sensex was down 1,484.97 points or 4.98% at 28330.62, and the Nifty was down 407.45 points or 4.70% at 8252.80.
Rupee ended the last week 39 paise higher at 74.85 on March 27 against its March 20 closing of 75.24.
USDINR was unable to move below its crucial support of 74.50 levels and witnesses buying interest from there again. Utilise downsides in the pair to initiate long positions, said ICICIdirect.
Gold prices edged up on Monday as the U.S dollar hovered near a two-week low touched in the previous session, while coronavirus lockdowns tightened across the world and stoked fears of economic damage, lifting demand for safe-haven bullion.
"The overall risk sentiment is negative. US treasury yields are lower. USD has strengthened across the board. Asian currencies are trading 0.3-1% weak against the US Dollar. Rupee is likely to trade in a 75.15-75.65 range," said Abhishek Goenka, Founder & CEO, IFA Global.
"Month end exporter selling and nationalized banks intervening on behalf of the RBI could cap up side in USD-INR intraday. Watch out for the spread between April futures and April OTC as there is a handsome arbitrage on offer there."