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Last Updated : Jul 08, 2020 02:09 PM IST | Source: Moneycontrol.com

Rupee ends lower at 75.02 per dollar

we feel rupee could consolidate in a range in coming days, says ICICIdirect.


Indian rupee ended lower at 75.02 per dollar on July 8, amid volatile trading seen in the domestic equity market.

It opened marginally higher at 74.86 per dollar against previous close of 74.93 and remained in the range of 74.86-75.05.

At 14:07 IST, the Sensex was up 67.12 points or 0.18% at 36741.64, and the Nifty was up 24.40 points or 0.23% at 10824.10.

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"Rupee extended losses by noon trade Tuesday on dollar buying by foreign banks likely for foreign fund outflow. Weak stocks and dollar buying by foreign banks is supporting the currency pair. Global market specially EURO opening lower helped the USDINR pair scale ahead towards near 75," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply.

The dollar held onto gains on Wednesday as a resurgence of the coronavirus in the United States and the return of lockdowns in some countries boosted safe-haven demand for the U.S. currency.
Short covering was seen in the last session due to which the rupee weakened by 25 paise. However, we feel it could consolidate in a range in coming days, said ICICIdirect.

The dollar-rupee contract on the NSE was at 75.06 in the last session. The open interest fell almost 4.2% in the last session, it added.
First Published on Jul 8, 2020 10:00 am

tags #Rupee

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