Rupee ends 13 paise lower at 74.41 per dollar
Looking at the aggressive addition in OTM Calls we feel the USDINR pair should move towards 74 levels, says ICICI Direct.
July 30, 2021 / 04:00 PM IST
Indian rupee ended 13 paise lower at 74.41 per dollar, amid volatile trade saw in the domestic equity market.
It opened marginally lower at 74.32 per dollar against previous close of 74.28 and traded in the range of 74.27-74.43.
Sensex was up 154.24 points or 0.29% at 52807.31, and the Nifty was up 50.30 points or 0.32% at 15828.80.
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As currencies consolidate USDINR set to open around 74.32 with markets waiting for NFPR and RBI monetary policy on 6th August. Range for the day is 74.20 to 74.50 with uptics to the dollar to be sold as flows continue to be absorbed by RBI, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
The dollar fell to a one-month low on Thursday, a day after the US Federal Reserve said the job market still had "some ground to cover" before it would be time to ease monetary stimulus, taking the steam out of a monthlong rally by the greenback.
Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide.
The USDINR continued to appreciate as the Dollar index moved below 92 levels. Looking at the aggressive addition in OTM Calls we feel the pair should move towards 74 levels, said ICICI Direct.
The dollar-rupee August contract on the NSE was at Rs 74.49 in the last session. The open interest rose almost 1.5% for the August series, it added.