The rupee could appreciate again and move towards 73.25 levels, says ICICIdirect.
Indian rupee erased early losses and ended higher at 73.34 per dollar, amid buying seen in the domestic equity market.
It opened marginally lower at 73.43 per dollar against previous close of 73.38 and remained in the range of 73.27-73.43.
At 14:10 IST, the Sensex was up 291.92 points or 0.73% at 40020.33, and the Nifty was up 89.60 points or 0.77% at 11770.
As there was a risk of sentiment trades, which pushed the dollar index sharply higher, profit booking was seen in the rupee due to which it depreciated. However, we feel the rupee has moved near its supply zone and the spread between spot and future has risen. The rupee could appreciate again and move towards 73.25 levels, said ICICIdirect.
The dollar-rupee October contract on the NSE closed near 73.51 in the last session. The open interest fell 1.33% in the last session, it added.
First Published on Oct 16, 2020 10:00 am