Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo

Rupee trades lower at 71.56 per dollar

On Wednesday rupee appreciated by 7 paise to settle at 71.25 against the US dollar following gains in the domestic equity market.

January 30, 2020 / 01:57 PM IST

The Indian rupee extended the morning losses and trading near day's low level at 71.56 per dollar, with selling seen in the domestic equity market.

It opened lower by 16 paise at 71.41 per dollar versus Wednesday's close 71.25.

On Wednesday rupee appreciated by 7 paise to settle at 71.25 against the US dollar following gains in the domestic equity market.

The Sensex was down 232.95 points or 0.57% at 40965.71, and the Nifty was down 71.40 points or 0.59% at 12058.10.

Oil prices fell on Thursday as the death toll from the new virus in China climbed to 170 and more airlines canceled flights to the country’s major cities, while rising US crude inventories added to the negative tone.

Close

The dollar-rupee February contract on the NSE was at 71.47 in the previous session. Open interest increased by more than 8% in the previous session. Utilise downsides in the pair to initiate long positions, said ICICIdirect.

"As expected, FOMC kept interest rates unchanged at 1.5-1.75% and gave a positive picture of the US economy. However, Powell expressed concern over inability to get inflation to the 2% level and the fact that corona virus can be the new risk on the horizon. This led to a safe-haven demand in dollar index and we saw a gap up opening in USD/INR spot," said Rahul Gupta, Head of Research - Currency, Emkay Global Financial Services.

"If the rapid spread of the virus becomes a global emergency then we can see USD/INR spot to rallying towards 71.80/72.00 zone. Meanwhile, we have the Union Budget this weekend, ahead of which spot may remain on an edge," he added.
Moneycontrol News
TAGS: #Rupee
first published: Jan 30, 2020 09:00 am

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