As the Dollar index is expected to move towards 92 levels, we may see the rupee move towards 74 levels, says ICICIdirect.
Indian rupee ended higher by 27 paise at 74.19 per dollar, amid buying seen in the domestic equity market.
It opened marginally lower at 74.49 per dollar against previous close of 74.46 and remained in the range of 74.09-74.52.
At close, the Sensex was up 227.34 points or 0.52% at 44180.05, and the Nifty was up 64.10 points or 0.50% at 12938.30.
Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses.
USD-INR pair continued to find hurdles at higher levels due to continuous profit booking and writing in OTM strike Calls. As the Dollar index is expected to move towards 92 levels, we may see the rupee move towards 74 levels, said ICICIdirect.
The dollar-rupee November contract on the NSE was at 74.50 in the last session. The open interest fell 4.8% for the November series contract, it added.
First Published on Nov 18, 2020 10:00 am