Rupee ends marginally lower at 75.19 per dollar

Indian rupee has ended marginally lower at 75.19, amid buying seen in the domestic equity market.

It opened lower at 75.23 per dollar against previous close of 75.14 and traded in the range of 75.15-75.29.

At 14:02 IST, the Sensex was up 183.73 points or 0.51% at 36235.54, and the Nifty was up 49.10 points or 0.46% at 10667.30.

The USD-INR pair fell from 75.5 levels on the back of fresh short being added at higher levels. We feel the rupee will appreciate against the US dollar and could move towards 75 levels again, said ICICIdirect.

Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift US demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks.

"The slide in dollar index to five week lows and persistent inflows in domestic equities have been the primary factors which have set the stage for the Indian rupee to regain some lost ground and witness appreciation. The near term sentiments point to a favorable outlook for the domestic currency, given the rising risk appetite in the markets and the fact that the local unit is underpinned by the key level of 75.50," said Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking.

"Going forward, rupee is likely to hover in the band of 75.50-74 levels in coming days. Alongside, markets would also be closely tracking any development with regards to a potential vaccine as the no. of Covid-19 infections continue to surge," she added.