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Rupee ends flat at 74.19 per dollar

As long as the dollar trades above 91.20 level and oil prices remain elevated that may keep the rupee under pressures. The USDINR pair should move towards 74.6 levels in coming days, says ICICI Direct.

June 28, 2021 / 03:40 PM IST

Indian rupee ended flat at 74.19 per dollar, amid selling saw in the domestic equity market.

It opened marginally lower at 74.25 per dollar against Friday's close of 74.18 and trade in the range of 74.17-74.27.

At close, the Sensex was down 189.45 points or 0.36% at 52735.59, and the Nifty was down 45.70 points or 0.29% at 15814.70.

Gold prices inched higher on Monday, as the dollar eased and tamer-than-expected U.S. inflation data allayed fears of an early monetary policy tightening by the Federal Reserve.

Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.

Close

The dollar held firm on Monday after slightly softer-than-expected U.S. inflation did little to chip away investors' conviction that the Federal Reserve could tighten monetary policy if consumer price pressures continue to intensify.

The USDINR continued to trade above 74 levels supported by a recent dollar index upside and rising crude oil prices. As long as the dollar trades above 91.20 level and oil prices remain elevated that may keep the rupee under pressures. The USDINR pair should move towards 74.6 levels in coming days, said ICICI Direct.

The dollar-rupee June contract on the NSE was at Rs 74.31 in the last session. The open interest fell 7.1% for the June series, it added.



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Moneycontrol News
Tags: #Rupee
first published: Jun 28, 2021 10:00 am
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